San Diego Market Snapshot

The number of homes that sold in San Diego during Q2 2019 was 8% below a year earlier. This downward trend continues 2018’s 7% year-end decrease.

As sales volume has slowed, the inventory of homes available for sale has grown. At the end of Q2 2019, 9,600 homes were for sale across San Diego, up 6% from a year earlier, when inventory was near an historic low. While higher than 2018, today’s inventory is still low in comparison with historic standards.

Home prices in the region are slowing from month-to-month, but continue to rise slightly on an annual basis, currently averaging 2% above a year earlier. The average share of listings receiving a price cut in San Diego was 20% at the end of Q2 2019, roughly level with a year earlier.

Interest rates have decreased in recent months, averaging 3.9% for a 30-year fixed rate mortgage (FRM) in June 2019. This average rate is below this time last year, a positive change for homebuyers, as FRM rates peaked in late-2018 and have since fallen back.

Thinking about buying or selling? Contact me for more specifics on buying or selling in your neighborhood!

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