The North County and San Diego housing markets showed more strength in January than they had in November and December. This was probably due to both lower mortgage rates and normal seasonal trends. The month-over median price ticked up slightly, inventory remained tight, and sales-to-list price improved. Despite those gains, homes did take longer to sell.
Where prices will go in 2023 is yet to be determined. Our low inventory is helping keep pressure on home prices, and with many people tied into low mortgage rates, we’re not expecting inventory to rise quickly.
Mortgage rates will also have a strong impact on home prices. They’ve dropped quite a bit from October’s highs, but climbed based on last week’s strong jobs report and today’s January Consumer Price Index (CPA) release. Investors are reacting to this data, and pretty much anything Fed Chairman Powell says as they wait to see where inflation is headed.
North County and San Diego Housing Markets
While the year-over median price crept up 0.6 percent in North County, it dropped 1.2 percent in San Diego County as a whole. The supply of homes for sale remains low at just over one month, and the average home is selling in 42 days.
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 0.6 percent in January 2023 compared to January 2022.
- Detached homes saw a median price decrease of 2.6 percent in North County, moving from $950,000 in January 2022 to $925,000 in January 2023.
- The number of sold units in North San Diego County decreased 35.9 percent compared to the previous January. Pending sales dropped 26.3 percent in the same period.
- Median days on market for North San Diego County properties was 42. This is a 162.5 percent increase from the previous January.
- Inventory supply in North San Diego County increased from 0.9 months in January 2022 to 1.3 months.
San Diego County Housing Summary
- The median price for all San Diego County home sales in January 2023 was $767,000. This is a 1.2 percent decrease from January 2022.
- Detached homes saw a median price decrease of 3.5 percent in San Diego County, moving from $880,000 in January 2022 to $849,000 in January 2023.
- Attached homes in San Diego County had a 0.9 percent median price increase compared to the previous year. They moved up to $590,000 in January 2023.
- Inventory supply countywide in January 2023 increased from 0.6 months a year earlier to 1.1 months.