San Diego County Market Overview | SEPT 2023

SEPTEMBER 2023

Existing home sales in the nation hit a 7-month low due to high borrowing costs, soaring prices, and limited inventory, making it difficult for many potential buyers. Mortgage rates have been consistently above 7% since mid-August, making borrowers more sensitive to rate fluctuations. This led to a 0.7% monthly and 15.3% yearly decrease in existing-home sales, according to the National Association of REALTORS® (NAR).

Closed sales declined by 30.4% for detached homes and 24.2% for attached homes. Pending sales also dropped, with a 14.3% decrease for detached homes and a 6.0% decrease for attached homes. Inventory increased for detached (7.0%) and attached homes (17.3%). Median sales prices rose by 10.1% to $999,000 for detached homes and 10.0% to $660,000 for attached homes. Days on the market decreased for both types of homes. Supply increased significantly for both detached and attached homes.

Despite the decline in sales, home prices continued to rise due to limited inventory, resulting in bidding wars and homes selling above asking prices in certain areas. Heading into September, available units for sale decreased by 0.9% compared to the previous month and 14.1% compared to the same period last year, according to NAR. The U.S. median existing-home sales price increased by 3.9% year-over-year to $407,100, marking the third consecutive month with a median sales price above $400,000.

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San Diego County (CA)