San Diego Housing Market Update / October 2023
The housing market numbers are out for San Diego for last month, September 2023. With all the talk of a crash or prices dropping, we are not seeing that here. San Diego County is up 8.1% for detached (single family) homes and 10.7% for attached (condos and townhomes) homes.
With sellers continuing to have 'golden handcuffs' of low mortgage rates, very few home owners are putting their homes on the market. In fact, we are at one of the lowest inventory levels EVER!
This has caused home prices to continue to increase this fall despite softening home sales nationwide, as a lack of inventory has kept the market competitive for prospective buyers, sparking bidding wars and causing homes to sell for above asking price in some areas. Heading into September there were only 1.1 million units available for sale, 0.9% fewer than a month ago
What's Next for San Diego Housing Market?
Until we can get more homes on the market, expect home prices to stay steady and increase in areas around San Diego. This is why Barbara Cochoran says now is a good time to buy...she believes when rates drop more buyers will be shopping and competing driving prices even higher.