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December 2022 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 2.3% over the previous year at $869,900 for detached, single-family homes. Condos were down 0.8% over the previous year at $585,000.
In December, closed sales were down -46.2% for detached properties as people hold off buying due to higher mortgage rates.
December 2022 Days on Market Until Sale in San Diego County
Days on the market until sale for December 2022 continue to rise. It was 37 days on the market for single-family detached homes, up from 23 days in December 2021, and 25 Days in December 2020. For condos and duplexes, it was 41 days in December 2022 vs. 21 days in December 2021, and 26 days in December 2020.
Mortgage Rate Expectations for January in San Diego
According to data from Freddie Mac released on January 12th, the 30 years fixed-rate mortgage stood at 6.33%, down from 6.95% in early November (but 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.
Rates are likely to continue rising as Federal Reserve Chairman Jerome Powell continues to increase rates to reign in 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. 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
