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January 2024 Home Prices in San Diego County
The San Diego Association of Realtors January Report shows that national pending sales increased 8.3% from the previous month. This marked the largest leap in sales since June 2020. The median home price in San Diego County was up 15.4% over the previous year at $980,000 for detached, single-family homes. Condos were up 10.2% over the previous year at $650,000.
In January, closed sales were down 5.5% for detached properties but increased 11.9% for attached properties. Inventory for detached homes decreased 18.5%. Conversely, inventory for attached properties increased by 5.2%. As housing projects are completed and new listings are put on the market, we can expect inventory to keep growing into 2024.
January 2024 Days on Market Until Sale in San Diego County
Days on the market until sale for January 2024 were 37 days on the market for single-family detached homes, down from 43 days in January 2023. For condos and duplexes, it was 34 days in January 2024 vs. 40 days in January 2023 and 19 days in January 2022.
Mortgage Rate Expectations for January in San Diego
According to data from Freddie Mac released on February 1st, the 30-year fixed-rate mortgage has not shown much change from the previous month, stabilizing at 6.63%. Although rates have been stable for about two months, further decline could be seen shortly with current economic factors.
This rate is up from 6.09% in January 2023, and from 3.55% in January 2022.
Home prices remain high, but a strong economy and lower mortgage rates could set the stage for a favorable entry into the housing market in the coming months.
According to TheMortgageReports.com report, mortgage rates have continued the same trend for the past couple of months. Economists predict that overall rates are expected to continue declining, and there are indications that fundamentals may align to support the housing market.
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
