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February 2024 Home Prices in San Diego County
The San Diego Association of Realtors February Report demonstrates that home sales rose 3.1% month-over-month, surpassing economists’ predictions. This is the steadiest sales pace since August of last year. The median home price in San Diego County was up 16.1% over the previous year at $1,043,900 for detached, single-family homes. Condos were up 7.0% over the previous year at $662,000.
In February, closed sales were up 2.3% for detached properties and increased 14.3% for attached properties. Inventory for detached homes decreased by 11.5% but grew by 20.5% for attached properties. Inventory increased overall by 2% from the previous month, but demand continues to outpace supply. Subsequently, home prices remain high.
February 2024 Days on Market Until Sale in San Diego County
Days on the market until sale for February 2024 were 31 days for single-family detached homes, down from 43 days in February 2023. For condos and duplexes, it was 31 days in February 2024 vs. 39 days in February 2023 and 19 days in February 2022.
Mortgage Rate Expectations for February in San Diego
According to data from Freddie Mac released on March 7th, the 30-year fixed-rate mortgage grew from the previous month to 6.88%. The number of applications increased for the first time in 6 weeks, indicating home buyers feel optimistic about lower rates.
This rate is up from 6.73% in February 2023 and much larger than 3.85% in February 2022.
Mortgage rates are a significant barrier to those entering the housing market. Comparing rates from different lenders is crucial if home buyers want to ensure they get the best deal.
According to TheMortgageReports.com report, mortgage rates have been relatively steady in 2024. Economists believe rates will not show significant fluctuation, so long as the economy remains strong. Predictions claim that anticipated cuts will be more likely in the late spring or early summer.
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
