Even with high inflation and rising interest rates, we had another record-breaking month in the North County and San Diego housing markets. Year-over prices in North County were up a whopping 25 percent, and homes sold at 106.7 percent of their asking prices!
With interest rates pushing up to 5 percent, this can’t go on forever. Buyers today are paying around 30 percent more for a home than they were a year ago if you add up higher sales prices and mortgage rates. This higher cost is forcing a lot of home buyers out of the market. In Fannie Mae’s March Home Purchase Sentiment Index, only 24 percent of home buyers thought it was a good time to purchase a home.
Most experts predict that the number of home sales will slow and that appreciation will take a hit too. Sales have been slowing down in the North County and San Diego markets, but inventory has decreased even more. Due to the very low number of homes for sale, and with foreclosures in California still only one third of pre-pandemic levels, this is not like the last housing crisis.
North County and San Diego Housing Markets
March inventory was still only six tenths of one month, and, compared to last year, it dropped by over 40 percent countywide and almost 55 percent in North County. Homes in all parts of San Diego County sold for 106.7 percent of their asking price.
Countywide, homes sold in an average of 18 days with the year-over median price increasing by 21.4 percent. In North County, they sold in 13 days with a 25 percent annual price increase.
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 25.0 percent in March 2022 compared to March 2021.
- Detached homes saw a median price increase of 23.0 percent in North County, moving from $865,000 in March 2021 to $1,064,250 in March 2022.
- The number of sold units in North San Diego County decreased 14.4 percent compared to the previous March. Pending sales dropped 10.4 percent in the same period.
- Median days on market for North San Diego County properties was 13. This is a 23.5 percent decrease from the previous March.
- Inventory supply in North San Diego County dropped from 1.2 months in March 2021 to 0.6 months.
San Diego County Housing Summary
- The median price for all San Diego County home sales in March 2022 was $850,000. This is a 21.4 percent increase compared to March 2021.
- Detached homes saw a median price increase of 20.4 percent in San Diego County, moving from $810,000 in March 2021 to $975,000 in March 2022.
- Attached homes in San Diego County had a 25.4 percent median price increase compared to the previous year. They moved up to $646,065 in March 2022.
- Inventory supply countywide in March 2022 decreased from 0.9 months a year earlier to 0.56 months.