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April 2023 Home Prices in San Diego County
The San Diego Association of Realtors December Report shows the median home price in San Diego County was up 4.7% over the previous year at $952,600 for detached, single-family homes. Condos were down 3% over the previous year at $640,000.
In December, closed sales were down -40.3% for detached properties as people hold off buying due to fluctuating mortgage rates.
April 2023 Days on Market Until Sale in San Diego County
Days on the market until sale for April 2023 continue to rise. It was 29 days on the market for single-family detached homes, up from 19 days in April 2022, and 20 Days in April 2021. For condos and duplexes, it was 30 days in April 2023 vs. 17 days in April 2022, and 20 days in April 2021.
Mortgage Rate Expectations for May in San Diego
According to data from Freddie Mac released on May 11th, the 30 years fixed-rate mortgage stood at 6.35%, (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 an aggressive with its rate hikes to deal with stubbornly high inflation.
The Fed may slow down or halt it’s 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 that 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. The chart below illustrates this.
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 valuation of your home call me at 619-417-0774 or email me.
Note: Charts are courtesy of the San Diego Assoc. of Realtors and Freddie Mac
