Home prices in the North County and San Diego housing markets are still increasing, but are now climbing at a healthier annual rate of 3-4 percent. San Diego County continues to be a seller’s market, but higher end markets and those farther from jobs are not as strong for sellers.
Continue reading North County and San Diego Housing Markets December 2024
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.
Continue reading North County and San Diego Housing Markets November 2024
The year-over median price of homes increased last month in both the North County and San Diego housing markets after decreasing slightly in August. This may be due to September’s lower mortgage rates that came in anticipation of the Fed’s rate cut.
Continue reading North County and San Diego Housing Markets October 2024
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.
Continue reading North County and San Diego Housing Markets September 2024
The North County and San Diego housing markets saw more closed sales in July compared to June, but the month-over median price decreased and gains in the year-over median price were lower. Countywide, supply increased significantly compared to last year and is now at 2.4 months. This is still low compared to a “normal” market.
Continue reading North County and San Diego Housing Markets August 2024
Although month-over numbers do show some signs of softening, the North County and San Diego housing markets had strong year-over price gains in June. And with today’s inflation easing CPI report and recent jobs report, mortgage rates are now below 7 percent.
Continue reading North County and San Diego Housing Markets July 2024
North County and San Diego housing markets showed strong year-over and month-over price growth in April. As is typical in spring, the number of new listings coming on the market also increased, easing inventory shortages slightly. But the higher number of homes for sale didn’t stop them from selling even more quickly than they did in March.
Continue reading North County and San Diego Housing Markets:
The number of pending homes in the North County and San Diego housing markets rose in January as expected, but mortgage rates and inventory shortages are keeping a damper on sales. Last week’s strong jobs report pushed mortgage rates higher and killed any chance of the Feds lowering short-term interest rates in March.
Continue reading North County and San Diego Housing Markets February 2024
The North County and San Diego housing markets were quiet in December even with mortgage rates trending down for most of the month. December tends to be a slower month for home sales, plus our ongoing shortage of homes for sale is keeping numbers low. Prices are still going up though. The year-over, median sales price increased 10.7 percent countywide and 4.5 percent in North County.
Will prices continue to climb in 2024? Realtor.com thinks so. They gave San Diego the number four spot in “The Top 10 Real Estate Markets of 2024.” And they’re forecasting a 5.4 percent increase in home prices here this year.
Continue reading North County and San Diego Housing Markets January 2024
As is typical during the holiday season, the North County and San Diego housing markets are seeing fewer sales. But, the ongoing shortage of available homes for sales is still keeping pressure on home prices. The San Diego market is continuing to appreciate more quickly than the nation as a whole. The U.S. saw a 4 percent year-over increase in median home prices in November, while prices in the North County market rose 8.2 percent, and, countywide, the median price jumped 12.1 percent.
Continue reading North County and San Diego Housing Markets December 2023