The number of pending homes in the North County and San Diego housing markets rose in January as expected, but mortgage rates and inventory shortages are keeping a damper on sales. Last week’s strong jobs report pushed mortgage rates higher and killed any chance of the Feds lowering short-term interest rates in March.
US News predicts that the housing market will thaw slowly, but the housing shortage will “last through the end of the 2020s.” This housing shortage is still an issue in San Diego with the supply of resale homes at just 1.4 months in January. Active listings do tend to climb during the first half of the year, but we have a long way to go to reach six months of inventory, which is considered a “normal” supply of homes.
This lack of supply continues to keep pressure on home prices even though housing affordability in California is the lowest it’s been in 16 years. The median sales price rose 9.4 percent countywide and 5.9 percent in North County.
North County and San Diego Housing Markets
Although shorter than it was a year ago, the average number of days homes were on the market in January grew from December with homes taking 36 days to sell countywide and 31 days to sell in North County. Homes sold for 98.4 percent and 98.2 percent of asking price in those same markets. Countywide, the median sales price was $837,263. In North County, it was $900,000.
See below for this month’s statistics and daily interest rate updates, and if you’d like to know the value of your home, just let me know. I’ll send you a free home valuation.
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
- 2023 SAN DIEGO COUNTY MARKET REPORT
North County Housing Summary
- The median price for all North County home sales increased 5.9 percent in January 2024 compared to January 2023.
- Detached homes saw a median price increase of 19.2 percent in North County, moving from $922,500 in January 2023 to $1,100,000 in January 2024.
- The number of sold units in North San Diego County increased 3.8 percent compared to the previous January. Pending sales rose 4.3 percent in the same period.
- Median days on market for North San Diego County properties was 31. This is a 26.2 percent decrease from the previous January.
- Inventory supply in North San Diego County decreased from 1.8 months to 1.4 months.
San Diego County Housing Summary
- The median price for all San Diego County home sales in January 2024 was $837,263. This is a 9.4 percent increase from January 2023.
- Detached homes saw a median price increase of 15.4 percent in San Diego County, moving from $849,000 in January 2023 to $980,000 in January 2024.
- Attached homes in San Diego County had a 10.2 percent median price increase compared to the previous year. They moved up to $650,000 in January 2024.
- Inventory supply countywide in January 2024 increased from 1.3 months a year earlier to 1.4 months.