For the first time in quite a while, median home prices in the San Diego housing market did not see a year-over gain. Home prices have been slipping since they peaked last April, and we may see them fall farther.
Goldman Sachs is calling the San Diego market “overheated” and predicts home prices will decrease 25 percent from their peaks in markets like ours. December’s numbers have us halfway there, but activity seems to have pricked up since the first of the year. Whether home prices continue to decline will depend on mortgage rates and the overall economy.
North County and San Diego Housing Markets
Although the supply of homes countywide has increased 100 percent year-over, it’s still low with only 1.2 months’ supply. In North County, inventory has grown 44 percent, and sits at 1.3 months. Homes are also not flying off the market any longer, but market times are still fairly short at 35 days in North County. Although some homes are still selling over their original asking price, most are not, with sellers receiving approximately 95 percent of their asking price.
If you’re looking to sell, this may be a good time with inventory still low and homes selling fairly quickly. If you’re thinking of buying, you’ll have more choices and time to find the right home. Inventory should increase as we move farther into the year, but mortgage rates may also.
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
- 2022 SAN DIEGO COUNTY MARKET REPORT
North County Housing Summary
- The median price for all North County home sales increased 3.0 percent in December 2022 compared to December 2021.
- Detached homes saw a median price increase of 5.6 percent in North County, moving from $900,000 in December 2021 to $950,000 in December 2022.
- The number of sold units in North San Diego County decreased 48.2 percent compared to the previous December. Pending sales dropped 30.0 percent in the same period.
- Median days on market for North San Diego County properties was 35. This is a 94.4 percent increase from the previous December.
- Inventory supply in North San Diego County increased from 0.9 months in December 2021 to 1.3 months.
San Diego County Housing Summary
- The median price for all San Diego County home sales in December 2022 was $765,000. This is a 0 percent increase from December 2021.
- Detached homes saw a median price increase of 2.3 percent in San Diego County, moving from $860,000 in December 2021 to $869,900 in December 2022.
- Attached homes in San Diego County had a 0.8 percent median price decrease compared to the previous year. They moved down to $585,000 in December 2022.
- Inventory supply countywide in December 2022 increased from 0.6 months a year earlier to 1.2 months.