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September 2023 Home Prices in San Diego County
The San Diego Association of Realtors September Report shows that national home sales fell to a 7-month low. The median home price in San Diego County was up 10.1% over the previous year at $999,000 for detached, single-family homes. Condos were up 10% over the previous year at $660,000.
In September closed sales were down -30% for detached properties as people held off buying due to higher mortgage rates above 7%.
September 2023 Days on Market Until Sale in San Diego County
Days on the market until sale for September 2023 was 26 days on the market for single-family detached homes, down from 32 days in September 2022. For condos and duplexes, it was 23 days in September 2023 vs. 29 days in September 2022, and 20 days in September 2021.
Mortgage Rate Expectations for September in San Diego
According to data from Freddie Mac released on October 12th, the 30 year fixed-rate mortgage stood at 7.57% (up from 7.18% in September). The average 30-year fixed-rate mortgage has remained above 6.5% since May, recently hitting a two-decade high in September, according to Freddie Mac.
This is 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 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.
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 the average mortgage rate since 1971 was 7.76%. The rates seem high compared to what we are used to, but they are still normal by historical standards.
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
