North County and San Diego housing markets are continuing to slow, but at this point, we’re just moving toward a more balanced market. The median and average sales prices have been dropping since April, but are still showing strong year-over gains. Inventory has also not yet hit pre-pandemic levels, and homes are selling faster than they were in 2019.
Whether we will continue a gradual slowdown and reach a soft landing, or we’ll see prices fall year-over will depend on outside factors like the energy market, inflation and how much the Fed raises interest rates.
North County and San Diego Housing Markets
The San Diego housing market is sending mixed messages. Inventory continues to creep up, but is still below pre-pandemic levels. Month-over prices, both median and average, are also dropping, but year-over prices are seeing healthy gains. This is the first time in almost two years that we’ve seen homes sell for less than 100 percent of their asking price, although homes are still selling quickly.
For home buyers, this means that even though choices are still limited, and the best-priced homes won’t sit on the market, you don’t necessarily have to pay $50,000 over asking price to buy a home today. For home sellers, it’s now more important to prep your home so it makes the best first impression it can, and price it based on today’s market, not last spring’s.
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 7.6 percent in July 2022 compared to July 2021.
- Detached homes saw a median price increase of 4.7 percent in North County, moving from $975,000 in July 2021 to $1,020,425 in July 2022.
- The number of sold units in North San Diego County decreased 43.3 percent compared to the previous July. Pending sales dropped 34.2 percent in the same period.
- Median days on market for North San Diego County properties was 18. This is an 38.5 percent increase from the previous July.
- Inventory supply in North San Diego County increased from 1.5 months in July 2021 to 1.9 months.
San Diego County Housing Summary
- The median price for all San Diego County home sales in July 2022 was $835,000. This is a 10.6 percent increase compared to July 2021.
- Detached homes saw a median price increase of 10.7 percent in San Diego County, moving from $875,000 in July 2021 to $969,000 in July 2022.
- Attached homes in San Diego County had a 14.5 percent median price increase compared to the previous year. They moved up to $630,000 in July 2022.
- Inventory supply countywide in July 2022 increased from 1.0 months a year earlier to 1.5 months.