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September 2024 Home Prices in San Diego County
In San Diego, The Median Sales Price was up 5.8 percent to $1,050,000 for Detached homes but decreased 2.1 percent to $646,000 for Attached homes according to the San Diego Association of Realtors September Report.
Nationally, U.S. home prices have continued to reach record heights nationwide, with NAR reporting a median sales price of $416,700 as of last measure, a 3.1% increase from the same time last year and a new high for the month.
Locally, closed Sales increased 8.4 percent for Detached homes but decreased 4.8 percent for Attached homes. Pending Sales increased 14.7 percent for Detached homes and 11.9 percent for Attached homes. Inventory increased 37.0 percent for Detached homes and 71.1 percent for Attached homes.
September 2024 Days on Market Until Sale in San Diego County
For September 2024, detached homes had an average days on the market (DOM) of 34 days, which marks a 52 % increase from September 2023. Attached homes, however, had a much higher average DOM at 34 days, representing a significant 47.8% year-over-year increase.
The broader trend shows that while detached homes have had relatively stable DOM performance, attached homes are taking significantly longer to sell, with a noticeable year-over-year increase in DOM.
Mortgage Rate Expectations for October in San Diego
As of October 17th, 2024, mortgage rates continue to decline, approaching 6%, which has boosted both purchase and refinance demand. This trend follows the Federal Reserve’s first rate cut in over four years. While mortgage rates don’t directly track the Fed’s movements, the ongoing reduction in rates is expected to stimulate further activity in the housing market.
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
