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August 2024 Home Prices in San Diego County
In San Diego, the median home price rose to $1,055,000 for detached homes and $675,000 for attached homes, according to the San Diego Association of Realtors August Report.
Nationally, U.S. existing-home sales increased by 1.3% in August, the first rise in five months, as lower mortgage rates and growing inventory improved market conditions. Despite inventory rising 0.8% month-over-month, supply remains tight, keeping upward pressure on prices, with the nationwide median price climbing 4.2% year-over-year to $422,600.
Locally, closed sales decreased by 2.9% for detached homes and 1.0% for attached homes, while inventory surged by 36.8% for detached homes and 78.8% for attached homes. Pending sales rose significantly for detached homes, up 13.2%, but dropped by 1.1% for attached properties. Homes are also staying on the market longer, particularly attached homes, where days on market increased by 57.1%.
August 2024 Days on Market Until Sale in San Diego County
For August 2024, detached homes had an average days on the market (DOM) of 27 days, which marks a 3.8% increase from August 2023. Attached homes, however, had a much higher average DOM at 33 days, representing a significant 57.1% year-over-year increase.
Looking at the Year-to-Date (YTD) data, detached homes remained stable with no change in DOM between 2022 and 2023 (31 to 29 days) but showed a slight increase of 6.5% in 2024, up to 30 days. Attached homes saw a sharp rise from 18 days in 2022 to 33 days in 2024, with an overall 55.6% increase in 2023 and a 7.1% increase in 2024 YTD.
The broader trend shows that while detached homes have had relatively stable DOM performance, attached homes are taking significantly longer to sell, with a noticeable year-over-year increase in DOM.
Mortgage Rate Expectations for August in San Diego
As of September 19, 2024, mortgage rates continue to decline, approaching 6%, which has boosted both purchase and refinance demand. This trend follows the Federal Reserve’s first rate cut in over four years. While mortgage rates don’t directly track the Fed’s movements, the ongoing reduction in rates is expected to stimulate further activity in the housing market.
For more details, visit Freddie Mac’s Mortgage Rates page.
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For Home Sellers in San Diego
With limited inventory, strong buyer demand, and the recent Fed rate cut, the housing market is positioned to remain competitive. Lower mortgage rates could drive more buyers into the market, making it a prime time to sell your home and potentially secure top dollar.
If you’re considering selling, now is the time to take action. Reach out for a free home valuation at 619-417-0774 or via email, and I’ll guide you through the process to maximize your home’s value.
Note: Charts are courtesy of the San Diego Assoc. of Realtors and Freddie Mac
