SDAR Monthly SnapshotReading time: 2 minutes
Table of Contents
Howard Smith’s San Diego Housing Report – July 2024
July 2024 Home Prices in San Diego County
The San Diego Association of Realtors July Report reveals that the Median Sales Price was up 6.9 percent to $1,058,275 for Detached homes and 9.2 percent to $700,000 for Attached homes. Days on Market increased 20.8 percent for Detached homes and 36.4 percent for Attached homes.
July 2024 Days on Market Until Sale in San Diego County
In July 2024, the average days on market for detached homes in San Diego increased by 20.8% to 29 days, while attached homes saw a 36.4% increase, reaching 30 days. This indicates a significant slowdown in the pace at which homes are being sold compared to the previous year.
Mortgage Rate Expectations for March in San Diego
According to data from Freddie Mac released on August 1st, the 30-year fixed-rate mortgage was 6.73%.
Over the next month, mortgage rates are expected to remain relatively stable. The 30-year fixed-rate mortgage is currently at 6.73%, while the 15-year fixed-rate mortgage stands at 5.99%. However, with expectations that the Federal Reserve may cut interest rates in September, there could be a potential decrease in mortgage rates. It’s important to monitor the economic outlook and the Fed’s decisions, as they can significantly impact 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
