Reading time: 2 minutes
Table of Contents
December 2023 Home Prices in San Diego County
The San Diego Association of Realtors December Report shows that national home sales increased to 0.8% from the previous month. This marked the end of a five-month period in which home sales rates were dropping. The median home price in San Diego County was up 9.7% over the previous year at $949,000 for detached, single-family homes. Condos were up 11.1% over the previous year at $650,000.
In December, closed sales were down 21.5% for detached properties and 10.2% for attached properties. High sales prices continue to discourage prospective home buyers from purchasing property in the current market. However, interest rates have been decreasing, which could lead to a rise in home sales this coming year.
December 2023 Days on Market Until Sale in San Diego County
Days on the market until sale for December 2023 were 31 days on the market for single-family detached homes, down from 37 days in December 2022. For condos and duplexes, it was 31 days in December 2023 vs. 41 days in December 2022 and 21 days in December 2021.
Mortgage Rate Expectations for December in San Diego
According to data from Freddie Mac released on January 4th, the 30-year fixed-rate mortgage has significantly decreased from October and stabilized at around 6.6%. This drop is great news for home-buyers, but home prices must decline as well for home sales to increase.
This rate is up from 6.48% in December 2022, and from 2.65% in December 2021.
If rates continue to trend downward from their recent peak in October, 2024 could be a better time to buy a home.
According to TheMortgageReports.com report, mortgage rates have crept up again after a streak of decline that lasted nine weeks. This increase could signal that there is more growth ahead. However, economists predict that rates should continue to decline overall, with expected rate cuts from the Federal Reserve and reduced inflation.
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
