With mortgage rates close to 8 percent, month-over prices have backed off slightly in the North County and San Diego housing markets, but year-over prices continue to increase. New listings, pending sales and closed sales have all decreased.
Continue reading North County and San Diego Housing Markets October 2023
The San Diego housing market saw a 10.6 percent, year-over sales price increase while North County moved up 11.4 percent. Closed and pending sales dropped, while new listings decreased even more.
Continue reading North County and San Diego Housing Markets September 2023
The North County and San Diego housing markets continue to gain value. The median home price in San Diego County hit last April’s peak, and in North County it has surpassed it. Inventory is still very limited. On average, homes are selling for over 100 percent of their original asking price in about three weeks.
Continue reading North County and San Diego Housing Markets August 2023
While prices in the North County and San Diego housing markets haven’t quite reached their peaks from April, 2022, they’re getting close, and median values are higher than they were a year ago. Countywide, the year-over median price is up 1.8 percent, and in North County, it gained 3.2 percent. Inventory is slowly creeping up, but it’s still under two months.
Continue reading North County and San Diego Housing Markets July 2023
Despite persistently higher mortgage rates, the North County and San Diego housing markets are recovering. The median price hasn’t yet reached last April’s peak, but it continues to move upward, and increased just over 1.5 percent from April to May. New listings picked up slightly which helped to expand the still very tight inventory of available homes.
Why are we seeing multiple offers on homes and sales prices exceeding list prices when the year-over volume of closed sales was down by almost 30 percent? Continue reading North County and San Diego Housing Markets June 2023
It’s been a year since we saw home prices reach their peak in the North County and San Diego housing markets. If you look at annual statistics, you’ll see that home prices have dropped compared to the same time last year. But that’s not the whole picture. Prices have actually been climbing since they hit a low point last winter. And not only are we seeing prices climb, homes are also selling more quickly with many sellers receiving multiple offers and a very high percentage of their asking prices.
Continue reading North County and San Diego Housing Markets May 2023
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
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