Both the North County and San Diego housing markets saw a month-over, median home price decrease in August. In North County, prices also dropped by 1.6 percent year-over, while San Diego County showed a slight increase of 1.1 percent.
Yesterday, the Federal Reserve announced a 0.5 percent rate decrease. Will this and future Fed rate cuts stimulate the market? It depends. If rates decrease significantly, it may help motivate many “locked-in” home sellers—those reluctant to sell due to low, pandemic-era mortgages—to sell their homes. That could boost inventory, while lower mortgage rates will also spur demand from home buyers. However, if buyer demand grows without an increase in housing supply, we could again see upward pressure on home prices.
Did mortgage rates go down yesterday as a result of the Fed’s rate cut? No, they ticked up slightly. Mortgage rates typically follow U.S. Treasury yields, which had already factored in the anticipated rate cut. This resulted in mortgage rate decreases of approximately 0.5 percent over the last month.
North County and San Diego Housing Markets
While the market is slowing, and recent data indicates a more balanced market for home buyers and sellers, homes are still selling in under a month on average at just over 98 percent of their original asking prices.
Inventory is gradually rising, and is now approximately 2.5 months. For homes priced below $1,000,000, inventory is just 2 months, while those priced above $1,250,000 have almost four months of supply.
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 decreased 1.6 percent in August 2024 compared to August 2023.
- Detached homes saw a median price increase of 2.8 percent in North County, moving from $1,127,150 in August 2023 to $1,159,000 in August 2024.
- The number of sold units in North San Diego County decreased 4.9 percent compared to the previous August. Pending sales dropped 1.1 percent in the same period.
- Median days on market for North San Diego County properties was 24. This is a 20.0 percent increase from the previous August.
- Inventory supply in North San Diego County increased from 2.1 months in August 2023 to 2.6 months.
San Diego County Housing Summary
- The median price for all San Diego County home sales in August 2024 was $890,000. This is a 1.1 percent increase from August 2023.
- Detached homes saw a median price increase of 3.9 percent in San Diego County, moving from $1,015,000 in August 2023 to $1,055,000 in August 2024.
- Attached homes in San Diego County had a 0.7 percent median price increase compared to the previous year. They moved up to $675,000 in August 2024.
- Inventory supply countywide in August 2024 increased from 1.7 months a year earlier to 2.5 months.