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October 2024 Home Prices in San Diego County
In San Diego, the Median Sales Price was up 9.4 percent to $1,050,000 for Detached homes and 3.5 percent to $679,000 for Attached homes.
U.S. existing-home sales unexpectedly slipped 1.0% month-over-month and 3.5% year-over-year to a seasonally adjusted annual rate of 3.84 million, the lowest level in more than a decade, according to the National Association of REALTORS® (NAR).
Locally, closed Sales increased 14.5 percent for Detached homes and 4.2 percent for Attached homes. Pending Sales increased 24.1 percent for Detached homes and 17.7 percent for Attached homes.
October 2024 Days on Market Until Sale in San Diego County
For October 2024, detached homes had an average days on the market (DOM) of 34 days, which marks a 17% increase from October 2023. Attached homes, however, had a much higher average DOM at 40 days, representing a significant 66.7% year-over-year increase.
Mortgage Rate Expectations for November in San Diego
As of early November 2024, mortgage rates in the United States have experienced a slight increase. The average rate for a 30-year fixed-rate mortgage has risen to approximately 6.72%, marking the fifth consecutive week of increases and reaching the highest levels since early August. (Barron’s)
For more details, visit Freddie Mac’s Mortgage Rates page.
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For Home Sellers in San Diego
With limited inventory, strong buyer demand, and the recent Fed rate cut, the housing market is positioned to remain competitive. Lower mortgage rates could drive more buyers into the market, making it a prime time to sell your home and potentially secure top dollar.
If you’re considering selling, now is the time to take action. Reach out for a free home valuation at 619-417-0774 or via email, and I’ll guide you through the process to maximize your home’s value.
Note: Charts are courtesy of the San Diego Assoc. of Realtors and Freddie Mac
