North County and San Diego housing markets continue to slow due to pressure from rising interest rates. It’s not all doom and gloom though. Countywide, the median price rose by 7.6 percent year-over in September. Inventory is still very low, sitting below two months, and the average time for a home to sell is just one month.
Thinking of buying or selling and not sure what to do? Waiting might not benefit you. The Fed expects to again raise its short-term borrowing rate by 0.75 percent when it meets in November, and officials think they’ll have to continue to increase rates to approximately 4.6 percent or higher in order to curb inflation. Those higher federal funds rates will put upward pressure on mortgages and other forms of credit.
If you’re buying a home with a mortgage, these higher rates will push your monthly payment up more than you’d be able to save even if prices dropped. If you’re selling, higher rates will knock home buyers out of the market putting downward pressure on home prices and increasing market times.
North County and San Diego Housing Markets
Values continued to increase year-over with gains of 7.4 percent countywide and 6.1 percent in North County. Month-over numbers were flat. Homes sold at approximately 96 percent of their asking price. But pending and closed sales were down by nearly 40 percent compared to last year, and market times increased by almost 9 percent month-over.
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 6.1 percent in September 2022 compared to September 2021.
- Detached homes saw a median price increase of 6.0 percent in North County, moving from $915,000 in September 2021 to $970,000 in September 2022.
- The number of sold units in North San Diego County decreased 38.2 percent compared to the previous September. Pending sales dropped 40.2 percent in the same period.
- Median days on market for North San Diego County properties was 27. This is an 80.0 percent increase from the previous September.
- Inventory supply in North San Diego County increased from 1.4 months in September 2021 to 1.8 months.
San Diego County Housing Summary
- The median price for all San Diego County home sales in September 2022 was $812,750. This is a 7.6 percent increase compared to September 2021.
- Detached homes saw a median price increase of 7.2 percent in San Diego County, moving from $853,500 in September 2021 to $915,000 in September 2022.
- Attached homes in San Diego County had a 6.2 percent median price increase compared to the previous year. They moved up to $600,000 in September 2022.
- Inventory supply countywide in September 2022 increased from 1.0 months a year earlier to 1.7 months.