We are continuing to see tight inventory and short market times in North County and San Diego real estate markets this July. Bidding wars are commonplace. But experts predict a slowing market in months to come. CoreLogic’s Home Price Insights report forecasts a year-over decline of 6.6 percent in home prices nationally. Though in San Diego, they estimate that drop to only be 1.3 percent.

Although prices are expected to soften slightly, it’s doubtful we will see many foreclosures due to COVID-19. This market is very different than it was during the Great Recession. Inventory is scarce. Homeowners have equity, and mortgage delinquency rates in San Diego County are very low compared to the rest of the country. The San Diego Union Tribune recently published a good explanation of why large numbers of foreclosures are probably not in our future.

North County and San Diego Real Estate July 2020

Of all the markets within the county, North County is the only one that saw a year-over decrease in prices with the median sales price dropping 2.5 percent. Countywide, year-over prices were up 2.4 percent. Inventory dropped by almost 50 percent in both markets, and pending sales were up over 20 percent compared to the previous year.

See below for this month’s statistics and daily interest rate updates.