With mortgage rates close to 8 percent, month-over prices have backed off slightly in the North County and San Diego housing markets, but year-over prices continue to increase. New listings, pending sales and closed sales have all decreased.
If rates continue to climb, we may see a downturn in prices. But because demand is still exceeding supply, don’t expect prices to crash. Housing inventory is almost 50 percent below historical averages. Experts aren’t predicting this to change in the near future with many homeowners locked in to low mortgage rates, and a slowdown in new home construction.
North County and San Diego Housing Markets
Year-over prices rose almost 7 percent in San Diego County and nearly 10 percent in North County. North County homes are selling at 99.4 percent of their asking price. Countywide, homes are selling at 100.1 percent. Homes are selling approximately 20 percent faster than they did a year ago and are still moving in three to four weeks, but market times have increased slightly over the last few months.
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 9.7 percent in September 2023 compared to September 2022.
- Detached homes saw a median price increase of 15.1 percent in North County, moving from $975,000 in September 2022 to $1,122,500 in September 2023.
- The number of sold units in North San Diego County decreased 23.5 percent compared to the previous September. Pending sales dropped 9.9 percent in the same period.
- Median days on market for North San Diego County properties was 22. This is a 21.4 percent decrease from the previous September.
- Inventory supply in North San Diego County decreased from 2.4 months to 1.7 months.
San Diego County Housing Summary
- The median price for all San Diego County home sales in September 2023 was $865,000. This is a 6.8 percent increase from September 2022.
- Detached homes saw a median price increase of 10.1 percent in San Diego County, moving from $907,000 in September 2022 to $999,000 in September 2023.
- Attached homes in San Diego County had a 10.0 percent median price increase compared to the previous year. They moved up to $660,000 in September 2023.
- Inventory supply countywide in September 2023 increased from 1.8 months a year earlier to 2.8 months.