The San Diego housing market saw a 10.6 percent, year-over sales price increase while North County moved up 11.4 percent. Closed and pending sales dropped, while new listings decreased even more.
This time of year, the number of homes for sale usually increases, but because homeowners are locked-in to their existing, low interest rates, inventory remains quite low. Almost 92 percent of homeowners with mortgages currently have a rate below 6 percent, and close to two-thirds are holding loans below 4 percent.
Although, we don’t yet have statistics for it, the market does seem to have slowed down slightly over the last few weeks. If mortgage rates stay at their current level of 7 percent or higher, we may see some market correction. But even though experts are expecting a moderate recession by the end of 2023, they aren’t predicting a crash in housing prices. Rather, investors believe home prices will remain the same or go up slightly over the next 6 months.
North County and San Diego Housing Markets
The number of homes for sale is staying low, but, countywide, it’s growing slightly. It now sits at 2.4 months. Inventory in North County has been stubbornly stuck at 1.6 months since June.
Homes are selling in an average of 21 days for 99.7 percent of their asking price in North County. Countywide, they are staying on the market for 24 days, and selling at 100.4 percent of their original price.
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 11.4 percent in August 2023 compared to August 2022.
- Detached homes saw a median price increase of 14.0 percent in North County, moving from $988,500 in August 2022 to $1,127,150 in August 2023.
- The number of sold units in North San Diego County decreased 14.4 percent compared to the previous August. Pending sales dropped 20.2 percent in the same period.
- Median days on market for North San Diego County properties was 21. This is a 8.7 percent decrease from the previous August.
- 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 August 2023 was $885,000. This is a 10.6 percent increase from August 2022.
- Detached homes saw a median price increase of 13.5 percent in San Diego County, moving from $903,000 in August 2022 to $1,025,000 in August 2023.
- Attached homes in San Diego County had a 8.8 percent median price increase compared to the previous year. They moved up to $677,000 in August 2023.
- Inventory supply countywide in August 2023 increased from 1.9 months a year earlier to 2.4 months.