The North County and San Diego housing markets saw year-over prices drop in March, but it’s still a sellers’ market. What’s causing this dichotomy in the market? — interest rates and inventory. Higher mortgage rates have slowed the housing market down and put pressure on home prices, but inventory levels are still very low. This is causing a supply shortage for home buyers.
Continue reading North County and San Diego Housing Markets April 2023
The North County and San Diego housing markets are continuing to follow January’s trends with slower activity overall, but also a strengthening of sales to list price ratios and fewer available homes for sale. It’s not all roses for home sellers though. Compared to last April’s peak, the median sales price has dropped by almost $100,000 in North County and by slightly over $100,000 in San Diego County as a whole. And rather than selling in just a couple weeks, homes are now taking about 40 days to sell.
Continue reading North County and San Diego Housing Markets March 2023
The North County and San Diego housing markets showed more strength in January than they had in November and December. This was probably due to both lower mortgage rates and normal seasonal trends. The month-over median price ticked up slightly, inventory remained tight, and sales-to-list price improved. Despite those gains, homes did take longer to sell.
Continue reading North County and San Diego Housing Markets February 2023
For the first time in quite a while, median home prices in the San Diego housing market did not see a year-over gain. Home prices have been slipping since they peaked last April, and we may see them fall farther.
Continue reading North County and San Diego Housing Markets January 2023
Inflation and higher mortgage rates continue to keep downward pressure on the North County and San Diego housing markets. But tight inventory is holding that in check.
The good news is that today’s consumer price index showed October’s inflation numbers lower than expected at 7.7 percent. That caused mortgage rates to drop by a whopping 60 basis points from 7.22 percent to 6.62 percent. Continue reading North County and San Diego Housing Markets November 2022
North County and San Diego housing markets continue to slow due to pressure from rising interest rates. It’s not all doom and gloom though. Countywide, the median price rose by 7.6 percent year-over in September. Inventory is still very low, sitting below two months, and the average time for a home to sell is just one month.
Continue reading North County and San Diego Housing Markets October 2022
North County and San Diego housing markets continue to see month-over drops in prices, longer market times and lower selling verses asking prices. But what we are no longer seeing is an increase in inventory.
Continue reading North County and San Diego Housing Markets September 2022
North County and San Diego housing markets are continuing to slow, but at this point, we’re just moving toward a more balanced market. The median and average sales prices have been dropping since April, but are still showing strong year-over gains. Inventory has also not yet hit pre-pandemic levels, and homes are selling faster than they were in 2019.
Continue reading North County and San Diego Housing Markets August 2022
The North County and San Diego County housing markets are slowing. Since April, we’ve seen an increase in supply with fewer pending and sold homes. Market times have increased, but only slightly. And although homes still sold over asking price in June, those numbers also dropped.
Continue reading North County and San Diego Housing Markets July 2022
North County and San Diego housing markets saw just an inkling of easing in May, but still stayed very strong. With interest rates pushing up to six percent in June, experts expect more slowing. Looking at the numbers so far for June compared to those of May, we are seeing some slowdown. But don’t expect much change in the market just yet. Inventory is still very low. Homes are still moving quickly with many selling over their asking price.
Continue reading North County and San Diego Housing Markets June 2022