The North County and San Diego County housing markets are slowing. Since April, we’ve seen an increase in supply with fewer pending and sold homes. Market times have increased, but only slightly. And although homes still sold over asking price in June, those numbers also dropped.
This market slowdown is happening nationwide with some markets hit harder than others. CoreLogic projects appreciation to slow to 5 percent by May 2023, but didn’t name San Diego as one of their top markets at risk for home price decline.
Our increasing inventory is giving home buyers more options, but this higher supply is caused by rising interest rates. And that’s making it harder for buyers to purchase. How much higher interest rates will go will depend on inflation according to Greg McBride, chief financial analyst at Bankrate.
June’s inflation hit 9.1 percent which is the highest it’s been in over 40 years. These high inflation rates may cause the Fed to raise interest rates even more aggressively than they had planned when they meet at the end of July.
It’s still a good market for home sellers, but they now need to be more careful with pricing, staging and marketing since fewer buyers are purchasing homes.
North County and San Diego Housing Markets
Inventory has more than doubled since March. It’s still very low, but new listings are growing faster than pending sales, so expect to see more homes on the market. The median sales price increased, year-over by 10.6 percent in North County and 12.4 percent in San Diego County as a whole, but dropped compared to May. Although supply was 36 percent higher than last year, sales volume dropped by 27 percent.
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 10.6 percent in June 2022 compared to June 2021.
- Detached homes saw a median price increase of 14.1 percent in North County, moving from $950,000 in June 2021 to $1,084,000 in June 2022.
- The number of sold units in North San Diego County decreased 35.4 percent compared to the previous June. Pending sales dropped 41.3 percent in the same period.
- Median days on market for North San Diego County properties was 13. This is an 18.2 percent increase from the previous June.
- Inventory supply in North San Diego County increased from 1.4 months in June 2021 to 1.7 months.
San Diego County Housing Summary
- The median price for all San Diego County home sales in June 2022 was $860,000. This is a 12.4 percent increase compared to June 2021.
- Detached homes saw a median price increase of 12.8 percent in San Diego County, moving from $875,000 in June 2021 to $987,225 in June 2022.
- Attached homes in San Diego County had a 16.0 percent median price increase compared to the previous year. They moved up to $638,000 in June 2022.
- Inventory supply countywide in June 2022 increased from 1.1 months a year earlier to 1.5 months.