North County and San Diego housing markets saw just an inkling of easing in May, but still stayed very strong. With interest rates pushing up to six percent in June, experts expect more slowing. Looking at the numbers so far for June compared to those of May, we are seeing some slowdown. But don’t expect much change in the market just yet. Inventory is still very low. Homes are still moving quickly with many selling over their asking price.
But due to rising interest rates and higher inflation, experts do expect homes sales will slow throughout 2022 and 2023. The Fed raised its benchmark interest rate by three-quarters of a percentage point on Wednesday. This was more than the one-half point that was expected and the highest jump since 1994. In their June forecast, Fannie Mae projects home sales to fall by 13.5 percent in 2022. This is a downgrade from last month’s forecast of 11.1 percent.
North County and San Diego Housing Markets
May inventory pushed up to slightly over one month’s supply. The year-over, median sales price rose by almost 16 percent countywide and almost 12 percent in North County. And while homes sold on average for 105 percent of asking price verses April’s 107 percent, the time they spent on the market didn’t increase compared to April, and was still shorter than last May. But, unless interest rates drop, June numbers might not be so strong.
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 11.8 percent in May 2022 compared to May 2021.
- Detached homes saw a median price increase of 15.8 percent in North County, moving from $950,000 in May 2021 to $1,100,000 in May 2022.
- The number of sold units in North San Diego County decreased 14.0 percent compared to the previous May. Pending sales dropped 25.1 percent in the same period.
- Median days on market for North San Diego County properties was 11. This is a 21.4 percent decrease from the previous May.
- Inventory supply in North San Diego County dropped from 1.3 months in May 2021 to 1.2 months.
San Diego County Housing Summary
- The median price for all San Diego County home sales in May 2022 was $875,000. This is a 15.7 percent increase compared to May 2021.
- Detached homes saw a median price increase of 19.3 percent in San Diego County, moving from $838,438 in May 2021 to $1,000,000 in May 2022.
- Attached homes in San Diego County had a 24.6 percent median price increase compared to the previous year. They moved up to $660,500 in May 2022.
- Inventory supply countywide in May 2022 increased from 1.0 months a year earlier to 1.1 months.