San Diego County Market Overview | April 2023

US existing-home sales declined by 2.4% compared to the previous month, reversing a 14.5% gain in February, according to the National Association of REALTORS® (NAR). Fluctuations in mortgage interest rates caused buyers to hold back, leading to a 5.2% drop in pending sales. The median sales price for existing homes decreased by 0.9% nationally compared to the same time last year, marking the largest year-over-year decline since January 2012, as reported by NAR.

Closed sales saw significant decreases of 40.3% for detached homes and 35.0% for attached homes. Pending sales also dropped by 28.8% for detached homes and 29.1% for attached homes. Inventory levels decreased by 22.8% for detached homes and 13.5% for attached homes. The median sales price declined by 4.7% to $952,600 for detached homes and by 3.0% to $640,000 for attached homes. Days on the market increased by 52.6% for detached homes and 76.5% for attached homes. Supply increased by 18.2% for detached homes and 37.5% for attached homes.

Housing inventory remains limited across the country, with only 980,000 units available for sale in April, a 5.4% increase from the previous year. However, the number of homes for sale is still lower compared to the same period in 2019, prior to the pandemic. The scarcity of existing inventory continues to impact home sales, and with only a 2.6-month supply of homes available, competition for properties remains strong. Multiple offers are occurring on approximately one-third of properties, particularly in certain price categories, according to NAR.

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San Diego County (CA)

Jon Granston  ·  Advisory San Diego  ·  DRE #01876007  ·  (858) 252-0307

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