While prices in the North County and San Diego housing markets haven’t quite reached their peaks from April, 2022, they’re getting close, and median values are higher than they were a year ago. Countywide, the year-over median price is up 1.8 percent, and in North County, it gained 3.2 percent. Inventory is slowly creeping up, but it’s still under two months.
With inflation and the labor market both cooling somewhat in June, we’re seeing mortgage rates pull back from the low-7’s to the high-6’s. Because demand is still exceeding supply, these lower interest rates may put even more pressure on home prices in the San Diego region.
North County and San Diego Housing Markets
Prices are up, but both sales and new listings are down compared to last year at this time. Closed sales were down by 25.4 percent countywide and 20.6 percent in North County. But I wouldn’t expect inventory to increase very quickly. This is because new listings were down even more at 41.6 percent countywide and 38.0 percent in North County.
Homes sold for approximately 101 percent of their original asking price, and moved quickly. Countywide, days on market was 23, and in North County it was just 17. Throughout San Diego County there were only 3,620 homes on the market in June. Inventory has been moving up slowly since the beginning of the year, but it is still very low.
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 3.2 percent in June 2023 compared to June 2022.
- The median price of detached homes was flat in North County, moving from $1,100,000 in June 2022 to $1,099,500 in June 2023.
- The number of sold units in North San Diego County decreased 20.6 percent compared to the previous June. Pending sales dropped 12.5 percent in the same period.
- Median days on market for North San Diego County properties was 17. This is a 30.8 percent increase from the previous June.
- Inventory supply in North San Diego County decreased from 2.1 months to 1.6 months.
San Diego County Housing Summary
- The median price for all San Diego County home sales in June 2023 was $865,000. This is a 1.8 percent increase from June 2022.
- Detached homes saw a median price increase of 2.5 percent in San Diego County, moving from $975,500 in June 2022 to $1,000,000 in June 2023.
- Attached homes in San Diego County had a 2.8 percent median price increase compared to the previous year. They moved up to $650,000 in June 2023.
- Inventory supply countywide in June 2023 increased from 1.7 months a year earlier to 1.8 months.