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
Although year-over prices in the North County and San Diego housing markets are still up, month-over prices continue to drop. That’s not unusual this time of year, and interest rates have been high. Luckily, those rates have been dropping since mid-October, and they’re now at the lowest point they’ve been in almost three months. They are almost a full percentage point below their peak on October 19.
Continue reading North County and San Diego Housing Markets November 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
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