North San Diego Market Update

Let’s start with the big news. Mortgage rates fell in the last week to the lowest point in 11 months and purchase applications have reached the highest year-over-year growth rate in more than four years. 

Here’s the latest in the North San Diego County real estate market with August numbers just in for year-to-date:

The median sales price rose 1.8% year-over-year to $1,200,000. This continued price strength reflects solid demand, even with a slower pace overall.

New listings increased 9.1% to 8,151 — giving buyers more homes to choose from and signaling more confidence from sellers.

Average days on market climbed to 32, up from 24 last year. That 33% increase means homes are sitting longer, which can give buyers more negotiating power and sellers more reason to prep and price wisely.

Closed sales dipped just 1%, holding fairly steady at 4,777 for the year so far.

Housing affordability edged down slightly to 23, from 24 a year ago — still a challenge for many buyers.

With the reduction in interest rates and increase in listings, this shift could bring renewed energy to the fall market for buyers and sellers alike.