Inflation and higher mortgage rates continue to keep downward pressure on the North County and San Diego housing markets. But tight inventory is holding that in check.
The good news is that today’s consumer price index showed October’s inflation numbers lower than expected at 7.7 percent. That caused mortgage rates to drop by a whopping 60 basis points from 7.22 percent to 6.62 percent. Does that mean rates won’t go any higher? Not necessarily. Matthew Graham of Mortgage News Daily thinks next month’s numbers may need to tell the same story before he’s willing to say that rates are done rising.
North County and San Diego Housing Markets
Inventory has remained stable for the last few months at just below two months’ supply. Year-over median prices are still rising, but have shrunk to 4 percent. Month-over, the median price dropped slightly in both North County and San Diego County as a whole. Days on market crept up to one month, while the sales price verses asking price ratio dropped slightly.
If interest rates do stay flat and inventory doesn’t grow, North County and San Diego housing markets will probably continue on this same path – few sales, few homes for sale, fairly short market times with little change in prices.
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 4.2 percent in October 2022 compared to October 2021.
- Detached homes saw a median price increase of 2.7 percent in North County, moving from $935,000 in October 2021 to $960,000 in October 2022.
- The number of sold units in North San Diego County decreased 43.5 percent compared to the previous October. Pending sales dropped 46.3 percent in the same period.
- Median days on market for North San Diego County properties was 30. This is an 76.5 percent increase from the previous October.
- Inventory supply in North San Diego County increased from 1.2 months in October 2021 to 1.9 months.
San Diego County Housing Summary
- The median price for all San Diego County home sales in October 2022 was $785,000. This is a 4.0 percent increase compared to October 2021.
- Detached homes saw a median price increase of 2.8 percent in San Diego County, moving from $860,000 in October 2021 to $884,000 in October 2022.
- Attached homes in San Diego County had a 9.7 percent median price increase compared to the previous year. They moved up to $616,000 in October 2022.
- Inventory supply countywide in October 2022 increased from 0.9 months a year earlier to 1.7 months.