The year-over median price of homes in the North County and San Diego housing markets increased by over 5 percent in October. Now that the election is over, will it affect home prices and mortgage rates? Not necessarily. This is because most housing decisions are made on the local and state level rather than the federal level, broader economic factors drive housing prices and mortgage rates, plus change is slow. Due to all of these factors, experts aren’t predicting much change in the short term, and say housing prices will most likely continue to rise.
And whether Trump’s policies will help or hurt housing is still unknown. Deregulation could help increase home building which is needed to address the housing shortage, but tariffs can cause inflation leading to higher interest and mortgage rates. The bond market, which has a strong effect on mortgage rates, has reacted to this, and mortgage rates have climbed back up to 7 percent.
Massive deportations might free up some housing, but economists warn that is could also cut the home construction labor force, pushing up the cost of new home building.
North County and San Diego Housing Markets
Month-over numbers look fairly strong, but many of October’s numbers were set at the end of August and early September when mortgage rates were dropping. The median sales price was $900,000 in San Diego County and $990,000 in North County, over 5 percent higher than the previous October. However, the number of days homes were on the market grew, and the price homes sold for in comparison to their original asking prices decreased.
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 5.7 percent in October 2024 compared to October 2023.
- Detached homes saw a median price increase of 0.7 percent in North County, moving from $1,150,000 in October 2023 to $1,157,500 in October 2024.
- The number of sold units in North San Diego County increased 3.8 percent compared to the previous October. Pending sales grew 10.2 percent in the same period.
- Median days on market for North San Diego County properties was 30. This is a 25.0 percent increase from the previous October.
- Inventory supply in North San Diego County increased from 2.2 months in October 2023 to 2.5 months.
San Diego County Housing Summary
- The median price for all San Diego County home sales in October 2024 was $900,000. This is a 5.3 percent increase from October 2023.
- Detached homes saw a median price increase of 9.4 percent in San Diego County, moving from $960,000 in October 2023 to $1,050,000 in October 2024.
- Attached homes in San Diego County had a 3.5 percent median price increase compared to the previous year. They moved up to $679,000 in October 2024.
- Inventory supply countywide in October 2024 increased from 1.8 months a year earlier to 2.5 months.