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October 2022 Home Prices in San Diego County
The San Diego Association of Realtors October Report shows the median home price in San Diego County was up 2.8% over the previous year at $884,000 for detached, single-family homes. Condos were up 9.7% over the previous year at $616,000.
October 2022 Days on Market Until Sale in San Diego County
Days on the market until sale for October 2022 continued at low levels, but is easing a bit. It was 33 days on the market for single-family detached homes, up from 22 days in October 2021, and 27 Days in October 2020. For condos and duplexes, it was 31 days in October 2022 vs. 22 days in October 2021, and 25 days in October 2020.
Mortgage Rate Expectations for November in San Diego
According to data from Freddie Mac released on November 3rd, the 30 years fixed-rate mortgage stood at 6.95% (up from below 3% in November 2021, and from 3.45% in January 2022). The continued increase in rates is driven by the Fed taking an aggressive with its rate hikes to deal with stubbornly high inflation.
While the rise in rates is significant, it’s important to keep in mind, that we are still at historical lows for mortgage rates. A TheMortgageReports.com report says that the average mortgage rate since 1971 was 7.76%. The rates seem high compared to what we are used to, but they are still low by historical standards.
Rates are likely to continue rising as Federal Reserve Chairman Jerome Powell aggressively raises rates to reign in inflation.
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 valuation of your home call me at 619-417-0774 or email me.
Note: Charts are courtesy of the San Diego Assoc. of Realtors and Freddie Mac
