January’s increasing interest rates put more pressure on the already insane North County and San Diego housing markets pushing the median, year-over sales price up by 20 percent in San Diego County. According to OJO Labs, we now are the nation’s least affordable metro.
The increase in mortgage rates should slow down home appreciation over the long term. But, so far, it has just motivated buyers to secure a home now before rates move any higher. This helped push up sales and prices in January following a huge jump in home values in 2021. The S&P CoreLogic Case-Shiller Home Price Index shows San Diego prices increased by 25.9 percent last year.
This is all great news if you’re a homeowner, but experts predict that the recent spike in interest rates will have an effect on prices. They forecast that home appreciation will slow down in the coming months.
North County and San Diego Housing Markets
Even with more new listings coming onto the market in January, strong sales have kept inventory at a meager 0.5 month’s supply countywide. Homes sold for over 103 percent of their asking price, and the median sales price climbed to $780,000 countywide and $850,000 in North County.
See below for this month’s statistics and daily interest rate updates.
Interest Rates
Market Updates
Click on the links below to read the San Diego real estate market reports.
- NORTH COUNTY MONTHLY INDICATORS
- METRO SAN DIEGO COUNTY MARKET UPDATE
- EAST SAN DIEGO COUNTY MARKET UPDATE
- SOUTH SAN DIEGO COUNTY MARKET UPDATE
- SAN DIEGO COUNTY MONTHLY INDICATORS
- 2021 SAN DIEGO COUNTY MARKET REPORT
North County Housing Summary
- The median price for all North County home sales increased 18.1 percent in January 2022 compared to January 2021.
- Detached homes saw a median price increase of 18.4 percent in North County, moving from $800,000 in January 2021 to $947,000 in January 2022.
- The number of sold units in North San Diego County decreased 15.0 percent compared to the previous January. Pending sales dropped 8.8 percent in the same period.
- Median days on market for North San Diego County properties was 16. This is a 27.3 percent decrease from the previous January.
- Inventory supply in North San Diego County dropped from 1.2 months in January 2021 to 0.7 months.
San Diego County Housing Summary
- The median price for all San Diego County home sales in January 2022 was $780,000. This is a 20.0 percent increase compared to January 2021.
- Detached homes saw a median price increase of 19.4 percent in San Diego County, moving from $741,000 in January 2021 to $885,000 in January 2022.
- Attached homes in San Diego County had a 22.7 percent median price increase compared to the previous year. They moved up to $595,000 in January 2022.
- Inventory supply countywide in January 2022 decreased from 1.0 months a year earlier to 0.5 months.