The February North County and San Diego housing markets looked a lot like they did in January, just a little crazier. Although year-over appreciation numbers weren’t quite as high, homes sold at 105.5 percent of their asking prices countywide, and inventory remained at a very low 0.5 months.
This very low inventory combined with rising mortgage rates is putting pressure on home buyers in the San Diego housing market who are trying to secure a home before rates increase further. We are still seeing homes sell with multiple offers significantly over asking price.
Higher mortgage rates typically slowdown home appreciation, but it’s a supply-demand situation. If home buyers continue to have the ability and desire to purchase homes, and the supply of resale and new homes does not increase to meet that demand, then prices will keep rising.
North County and San Diego Housing Markets
Pending sales kept pace with new listings holding down the inventory of homes to just 0.5 months countywide and 0.6 months in North County. Year-over appreciation was 17.5 percent in San Diego County as a whole, and homes sold in 21 days on average.
North County saw almost 15 percent, year-over appreciation with homes selling in only 15 days. The median sales prices for detached and attached homes combined was $800,000 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 14.9 percent in February 2022 compared to February 2021.
- Detached homes saw a median price increase of 13.4 percent in North County, moving from $844,000 in February 2021 to $957,500 in February 2022.
- The number of sold units in North San Diego County decreased 10.2 percent compared to the previous February. Pending sales dropped 16.3 percent in the same period.
- Median days on market for North San Diego County properties was 15. This is a 25.0 percent decrease from the previous February.
- Inventory supply in North San Diego County dropped from 1.3 months in February 2021 to 0.6 months.
San Diego County Housing Summary
- The median price for all San Diego County home sales in February 2022 was $800,000. This is a 17.5 percent increase compared to February 2021.
- Detached homes saw a median price increase of 18.1 percent in San Diego County, moving from $775,000 in February 2021 to $915,000 in February 2022.
- Attached homes in San Diego County had a 21.5 percent median price increase compared to the previous year. They moved up to $625,000 in February 2022.
- Inventory supply countywide in February 2022 decreased from 1.0 months a year earlier to 0.5 months.