Here's a quick market overview of how we're looking right now in San Diego County, overall. As always, please feel free to reach out anytime, with any real estate questions. Our team is always on standby, and awaiting your call!

 

1. Market Overview

  - Existing-home sales slipped 1.0% from last month but pending sales saw an 8.3% increase, the largest since June 2020.

  - Mortgage rates have significantly dropped, leading to a forecasted 13% increase in existing-home sales for this year compared to 2023.

 

2. Home Sales Breakdown

  - Closed sales decreased by 5.5% for detached homes but increased by 11.9% for attached homes.

  - Pending sales decreased by 2.0% for detached homes but increased by 13.9% for attached homes.

  - Inventory dropped by 18.5% for detached homes but increased by 5.2% for attached homes.

 

3. Pricing and Market Trends

  - Median sales price increased by 15.4% to $980,000 for detached homes and by 10.2% to $650,000 for attached homes.

  - Days on market decreased by 14.0% for detached homes and by 15.0% for attached homes.

  - Despite sales activity, the housing supply shortage has boosted home values, with the median existing-home price rising by 4.4% year-over-year to $382,600.

 

4.  Inventory and National Trends

  - Total unsold inventory is at 1 million units, representing an 11.5% decline from the previous month, with a 3.2 months’ supply at the current sales pace.

  - Nationally, listing activity is increasing, and with stable mortgage rates and rising housing completions, inventory is expected to improve in the coming months.