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
Even with higher mortgage rates, North County and San Diego housing markets continued to show strong price gains in May. The median price countywide did see a slight drop month-over, but still grew by 9.1 percent year-over. The median price in North County increased $10,000 monthly, and gained 15.1 percent compared to the previous May.
Continue reading North County and San Diego Housing Markets June 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.
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The North County and San Diego housing markets continued to stay strong in March despite mortgage rates hovering at approximately 7 percent. Tuesday saw rates reaching their highest point since November which may cause some softening in the April numbers. They are now above 7 percent.
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Both the North County and San Diego housing markets saw strong year-over and month-over price increases in February. This is because demand continues to exceed supply even with today’s higher interest rates.
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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