Despite persistently higher mortgage rates, the North County and San Diego housing markets are recovering. The median price hasn’t yet reached last April’s peak, but it continues to move upward, and increased just over 1.5 percent from April to May. New listings picked up slightly which helped to expand the still very tight inventory of available homes.
Why are we seeing multiple offers on homes and sales prices exceeding list prices when the year-over volume of closed sales was down by almost 30 percent? It’s because demand is outpacing supply. Consumer confidence is starting to slip, but the May jobs data was stronger than expected and housing inventory remains extremely low.
To see more information on the San Diego housing market and how it compares to the U.S. market, check out my blog post, Real Estate Update: The San Diego Market vs. National Trends.
North County and San Diego Housing Markets
The year-over median price dropped 2.9 percent countywide and 3.9 percent in North County despite increasing every month since December 2022. Inventory grew month-over, but we still have fewer homes for sale in North County than we did a year ago.
Although homes took longer to sell than they had the previous May, market times have been dropping since the beginning of the year and are now averaging 27 days countywide and 23 days in North County.
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 decreased 3.9 percent in May 2023 compared to May 2022.
- Detached homes saw a median price decrease of 4.5 percent in North County, moving from $1,100,000 in May 2022 to $1,051,000 in May 2023.
- The number of sold units in North San Diego County decreased 27.6 percent compared to the previous May. Pending sales dropped 22.2 percent in the same period.
- Median days on market for North San Diego County properties was 23. This is a 109.1 percent increase from the previous May.
- Inventory supply in North San Diego County decreased from 1.6 months to 1.4 months.
San Diego County Housing Summary
- The median price for all San Diego County home sales in May 2023 was $845,000. This is a 2.9 percent decrease from May 2022.
- Detached homes saw a median price decrease of 2.6 percent in San Diego County, moving from $980,122 in May 2022 to $955,000 in May 2023.
- Attached homes in San Diego County had a 4.5 percent median price decrease compared to the previous year. They moved down to $640,000 in May 2023.
- Inventory supply countywide in May 2023 increased from 1.2 months a year earlier to 1.5 months.