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August 2022 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 7.1% over the previous year at $910,000 for detached, single-family homes. Condos were up 12.6% over the previous year at $625,00.
August 2022 Days on Market Until Sale in San Diego County
Days on the market until sale for August 2022 continued at low levels, but is easing a bit. It was 28 days on the market for single-family detached homes, up from 20 days in August 2021, and 28 Days in August 2020. For condos and duplexes, it was 24 days in August 2022 vs. 18 days in August 2021, and 29 days in August 2020.
Mortgage Rate Expectations for September in San Diego
According to data from Freddie Mac released on September 8th, the 30 years fixed-rate mortgage stood at 5.89% (up from below 3% in November 2021, and from 3.45% in January 2022). This is driven by the Fed taking an aggressive with its rate hikes to deal with stubbornly high inflation.
While the rise in rates is significant, it’s important to keep in mind, that we are still at historical lows for mortgage rates. Rates are likely to continue rising for the time being.
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
