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November 2023 Home Prices in San Diego County
The San Diego Association of Realtors November Report shows that national home sales fell to their lowest rate since August 2010. The median home price in San Diego County was up 11.4% over the previous year at $980,000 for detached, single-family homes. Condos were up 11.3% over the previous year at $667,500.
In November, closed sales were down -16.6% for detached properties. High interest rates, high sales prices and a shortage of homes is greatly contributing to people’s decreased participation in the housing market.
November 2023 Days on Market Until Sale in San Diego County
Days on the market until sale for November 2023 was 28 days on the market for single-family detached homes, down from 35 days in November 2022. For condos and duplexes, it was 27 days in November 2023 vs. 32 days in November 2022, and 21 days in November 2021.
Mortgage Rate Expectations for November in San Diego
According to data from Freddie Mac released on December 7th, the 30 year fixed-rate mortgage averaged around 7% this week, after rising to 7.80% last month. This decrease is hopeful, but the rate must drop further in order to inspire home-buyers to participate in the market again.
This rate is up from 6.33% in December 2022, and from 3.11% in December 2021. The increase in rates throughout the years makes it difficult for prospective homeowners to make their first purchase.
If rates continue to trend downwards, 2024 could be a better time to buy a home.
According to TheMortgageReports.com report, mortgage rates have dropped for the sixth consecutive week in a row. This drop could indicate further improvement ahead as the year comes to a close. Even though rates are finally coming down again, it may be worthwhile to wait and watch for further decline before buying a home.
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
