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
Last year, one factor drove home prices more than any other: rising mortgage rates.
In March 2022, the Federal Reserve began a series of interest rate hikes in an effort to pump the brakes on inflation. And while some market sectors have been slow to respond, the housing market has reacted accordingly.
Both demand and price appreciation have tapered, as the primary challenge for homebuyers has shifted from availability to affordability. And although this higher-mortgage rate environment has been a painful adjustment for many buyers and sellers, it should ultimately lead to a more stable and balanced real estate market.
So, what can we expect in 2023? Continue reading Home Prices in 2023 and What That Means for You
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