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August 2023 Home Prices in San Diego County
The San Diego Association of Realtors August Report shows the median home price in San Diego County was up 13.5% over the previous year at $1,025,000 for detached, single-family homes. Condos were up 8.8% over the previous year at $677,000.
In July, closed sales were down -19.5% for detached properties as people hold off buying due to higher mortgage rates.
August 2023 Days on Market Until Sale in San Diego County
Days on the market until sale for August 2023 was 25 days on the market for single-family detached homes, down from 28 days in August 2022. For condos and duplexes, it was 22 days in August 2023 vs. 25 days in August 2022, and 18 days in August 2021.
Mortgage Rate Expectations for August in San Diego
According to data from Freddie Mac released on September 14th, the 30 year fixed-rate mortgage stood at 7.18% (up from 7.09% in August). The average 30-year fixed-rate mortgage has remained above 6.5% since May, recently hitting a two-decade high in August, according to Freddie Mac.
This is up from below 3% in November 2021, and from 3.45% in January 2022). The continued increase in rates is driven by the Fed taking aggressive action with its rate hikes to deal with stubbornly high inflation.
The Fed may slow down or halt its rate increases as it seems that inflation is coming back under control.
While the rise in rates is significant, it’s important to keep in mind, that we are still at historical lows for mortgage rates. A TheMortgageReports.com report says the average mortgage rate since 1971 was 7.76%. The rates seem high compared to what we are used to, but they are still low by historical standards.
For Home Sellers in San Diego
With fewer homes available and the number of buyers at an all-time high, there has never been a better time to consider selling your house.
If you would like to get a free home valuation, call me at 619-417-0774 or email me.
Note: Charts are courtesy of the San Diego Assoc. of Realtors and Freddie Mac
