The North County and San Diego housing markets are continuing to follow January’s trends with slower activity overall, but also a strengthening of sales to list price ratios and fewer available homes for sale. It’s not all roses for home sellers though. Compared to last April’s peak, the median sales price has dropped by almost $100,000 in North County and by slightly over $100,000 in San Diego County as a whole. And rather than selling in just a couple weeks, homes are now taking about 40 days to sell.
But recent bank failings may bolster the housing market. Even though they could have some negative impact on their local real estate markets, they will also have a broader, positive effect by lowering mortgage rates according to Lawrence Yun, chief economist for the National Association of REALTORS®. Mortgage rates strongly influence housing prices.
North County and San Diego Housing Markets
The year-over median price was up by 0.9 percent in North County but down 2.5 percent countywide. In that same time period, average home prices have dropped by a little over 6 percent. Pending sales exceeded new listings in February keeping inventory supply very low at 1.2 months in North County and just 1 month in San Diego County as a whole.
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 0.9 percent in February 2023 compared to February 2022.
- Detached homes saw a median price decrease of 1.6 percent in North County, moving from $965,000 in February 2022 to $950,000 in February 2023.
- The number of sold units in North San Diego County decreased 36.6 percent compared to the previous February. Pending sales dropped 28.3 percent in the same period.
- Median days on market for North San Diego County properties was 40. This is a 166.7 percent increase from the previous February.
- Inventory supply in North San Diego County increased from 0.9 months in February 2022 to 1.2 months.
San Diego County Housing Summary
- The median price for all San Diego County home sales in February 2023 was $780,000. This is a 2.5 percent decrease from February 2022.
- Detached homes saw a median price decrease of 1.1 percent in San Diego County, moving from $910,000 in February 2022 to $900,000 in February 2023.
- Attached homes in San Diego County had a 1.6 percent median price decrease compared to the previous year. They moved down to $616,000 in February 2023.
- Inventory supply countywide in February 2023 increased from 0.7 months a year earlier to 1.0 months.