The North County and San Diego housing markets continue to gain value. The median home price in San Diego County hit last April’s peak, and in North County it has surpassed it. Inventory is still very limited. On average, homes are selling for over 100 percent of their original asking price in about three weeks.
But interest rates have been increasing and are now the highest they’ve been in more than 20 years. Those higher mortgage rates coupled with rising prices bring housing affordability in California to the lowest it’s been in almost 16 years.
A recent news release from the California Association of Realtors shows that only 13 percent of home buyers could afford to buy a median-priced, existing, single-family home in San Diego County in the second quarter of this year. Will this put a damper on prices, or will our lack of inventory and pent-up buyer demand keep prices climbing?
North County and San Diego Housing Markets
The year-over, median price rose 5.4 percent in San Diego County as a whole and 8.6 percent in North County. Compared to last year at this time, closed sales dropped between 10 and 11 percent while new listings fell almost 40 percent. There were 23.4 percent fewer homes for sale countywide. Inventory did creep up to 2.1 months in San Diego County, but fell to only 1.6 months 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 increased 8.6 percent in July 2023 compared to July 2022.
- Detached homes saw a median price increase of 10.3 percent in North County, moving from $1,020,213 in July 2022 to $1,125,000 in July 2023.
- The number of sold units in North San Diego County decreased 10.4 percent compared to the previous July. Pending sales dropped 9.4 percent in the same period.
- Median days on market for North San Diego County properties was 20. This is a 11.1 percent increase from the previous July.
- Inventory supply in North San Diego County decreased from 2.4 months to 1.6 months.
San Diego County Housing Summary
- The median price for all San Diego County home sales in July 2023 was $875,000. This is a 5.4 percent increase from July 2022.
- Detached homes saw a median price increase of 3.6 percent in San Diego County, moving from $955,625 in July 2022 to $990,000 in July 2023.
- Attached homes in San Diego County had a 2.6 percent median price increase compared to the previous year. They moved up to $641,000 in July 2023.
- Inventory supply countywide in July 2023 increased from 1.9 months a year earlier to 2.1 months.