Spotlight
San Diego County Market Overview | August 2023
Jon Granston | September 20, 2023
Jon Granston | September 20, 2023
High mortgage rates, soaring home prices, and a housing shortage have continued to slow down the summer homebuying market. The average 30-year fixed-rate mortgage has stayed above 6.5% since May, reaching a two-decade high in August (Freddie Mac). Existing-home sales dropped 2.2% month-over-month and 16.6% compared to last year (NAR). Closed and pending sales for both detached and attached homes decreased significantly, while inventory varied slightly. Median sales prices increased, and days on the market decreased. Despite falling home sales, home prices remain high due to limited supply. The shortage of available homes (14.6% fewer than last year) has driven up prices, with the national median existing-home price at $406,700, a 1.9% increase from the previous year (NAR).
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| $2.76 billion | Los Angeles County, CA |
| $1.35 billion | Orange County, CA |
| $932.01 million | Santa Clara County, CA |
| $598.41 million | Cook County, IL |
| $509.26 million | San Mateo County, CA |
| $3.23 billion | Riverside County, CA |
| $1.12 million | Clark County, NV |
| $569.49 million | Maricopa County, AZ |
| $272.75 million | Travis County, TX |
| $259.93 million | Yavapai County, AZ |
