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March 2024 Home Prices in San Diego County
The San Diego Association of Realtors March Report reveals that last month saw the largest monthly gain in a year, with home sales rising 9.5%. The median home price in San Diego County was up 12.1% over the previous year at $1,050,000 for detached, single-family homes. Condos were up 5.2% over the previous year at $670,000.
In March, closed sales were down 10.9% for detached properties and decreased 7.3% for attached properties. Inventory for detached homes decreased by 1.1% but increased by 33.4% for attached properties. Mortgage rates continue to fluctuate from when they were lowered in December and buyer demand continues to outpace supply. Homes on the market have undergone their 8th consecutive month of annual price increases.
March 2024 Days on Market Until Sale in San Diego County
Days on the market until sale for March 2024 were 29 days for single-family detached homes, down from 38 days in March 2023. For condos and duplexes, it was 29 days in March 2024 vs. 32 days in March 2023 and 16 days in March 2022.
Mortgage Rate Expectations for March in San Diego
According to data from Freddie Mac released on April 11th, the 30-year fixed-rate mortgage stagnated at 6.88%. This is the same rate as the previous month, reflecting how the annual growth rate of inflation has been relatively flat since June 2023.
This rate is up from 6.28% in March 2023 and much larger than 4.72% in March 2022.
Mortgage rates have steadily increased due to consistent inflation. Home buyers should investigate all their options when applying for a mortgage to make the most cost-effective decisions.
According to TheMortgageReports.com report, mortgage rates have steadily increased for a second week in a row. Rates increased by 0.06% in one week alone, as seen on April 11th. Economists had not predicted this rise in inflation, along with the subsequent rise in mortgage rates.
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
