Reading time: 2 minutes
Table of Contents
October 2023 Home Prices in San Diego County
The San Diego Association of Realtors October Report shows that national home sales fell to a 13-year low. The median home price in San Diego County was up 9.3% over the previous year at $964,000 for detached, single-family homes. Condos were up 10.2% over the previous year at $667,500.
In October, closed sales were down -11% for detached properties. The shortage of homes and increasing prices nationwide make this a difficult time for buyers.
October 2023 Days on Market Until Sale in San Diego County
Days on the market until sale for October 2023 was 29 days on the market for single-family detached homes, down from 33 days in October 2022. For condos and duplexes, it was 24 days in October 2023 vs. 31 days in October 2022, and 22 days in October 2021.
Mortgage Rate Expectations for October in San Diego
According to data from Freddie Mac released on November 9th, the 30 year fixed-rate mortgage dropped a quarter of a percent in one week, down to 7.5% this week from 7.76% on November 2nd. This is the largest one-week decrease in the 30 year fixed-mortgage rate since last November.
This rate is up from 7.08% in November 2022, and from 2.98% in November 2021. The continued increase in rates is driven by the Fed taking aggressive action with its rate hikes to deal with stubbornly high inflation.
The Fed may slow down or halt its rate increases as it seems that inflation is coming back under control.
According to TheMortgageReports.com report, mortgage rates have leaped to 7.76% on November 9th 2023, from 3.22% in January 2022. While the rise in rates is significant, it’s important to keep in mind that average mortgage rates are not representative of the rates available to buyers with healthy financial backgrounds. Buyers with strong credit history can attain rates significantly below the industry standard. Additionally, even though rates seem high compared to recent years, they are still normal by historical comparisons.
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
