Tag Archives: San Diego real estate market

Interest Rates, North County Housing Market, North County Real Estate Market, San Diego Housing Market, San Diego Real Estate Market

North County and San Diego Housing Markets December 2023

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North County and San Diego Housing Markets December 2023 Pam Fraser. Chart of resale housing statistics for North San Diego County

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.

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Home Values, Mortgage Rates, North County Housing Market, North County Real Estate, San Diego Housing Market, San Diego Real Estate

North County and San Diego Housing Markets November 2023

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North County and San Diego Housing Markets November 2023 from Pam Fraser. Chart of resale housing statistics for North San Diego County

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.

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Interest Rates, North County Housing Market, North County Real Estate, San Diego County Housing Market, San Diego Real Estate

North County and San Diego Housing Markets October 2023

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North County and San Diego Housing Markets October 2023 from Pam Fraser. Chart of resale housing statistics for North San Diego County

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.

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Mortgage Rates, North County Housing Market, North County Real Estate, San Diego Housing Market, San Diego Real Estate

North County and San Diego Housing Markets September 2023

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North County and San Diego Housing Markets September 2023 Pam Fraser. Chart of resale housing statistics for North San Diego County

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.

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Interest Rates, North County Housing Market, North County Real Estate, San Diego Housing Market, San Diego Real Estate

North County and San Diego Housing Markets August 2023

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North County and San Diego Housing Markets August 2023 Pam Fraser. Chart of resale housing statistics for North San Diego County

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.

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Mortgage Rates, North County Housing Market, North County Real Estate, San Diego County Housing Market, San Diego Real Estate

North County and San Diego Housing Markets July 2023

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North County and San Diego Housing Markets July 2023 Pam Fraser pictogram of housing market statistics in North San Diego County from June 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.

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Interest Rates, North County Housing Market, North County Real Estate, San Diego County Housing Market, San Diego Real Estate

North County and San Diego Housing Markets June 2023

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North County and San Diego Housing Markets June 2023, Pam Fraser, chart of North San Diego County housing sales statistics from May 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 →

Mortgage Rates, North County Housing Market, North County Real Estate, San Diego Housing Market, San Diego Real Estate

North County and San Diego Housing Markets May 2023

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North County and San Diego Housing Markets May 2023, Pam Fraser, chart of North San Diego County housing sales statistics from April 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.

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Mortgage Rates, North County Housing Market, North County Real Estate, San Diego Housing Market, San Diego Real Estate

North County and San Diego Housing Markets April 2023

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North County and San Diego Housing Markets April 2023 Pam Fraser chart of North San Diego County housing sales statistics from March 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.

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Mortgage Rates, North County Housing Market, North County Real Estate, San Diego Housing Market, San Diego Real Estate

North County and San Diego Housing Markets March 2023

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North County and San Diego Housing Markets March 2023 Pam Fraser chart of North San Diego County housing sales statistics from February 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.

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