San Diego Home Sales Slow

San Diego homes sales have slowed, the lowest for a September in records going back to 1988. It also marked the 10th-slowest sales month of all time, according to CoreLogic in a report released on November 8th. 1,987 homes in San Diego County sold in September, down 22% from August and down 6.4% from September 2023. The good news is San Diego County’s median home price was $880,000 in September which is up 6.2% from September of the previous year.   Prices are down $15,000 from the peak in May of this year,

Mortgage rates and still-high home prices have significantly slowed sales in San Diego and across the nation. The San Diego Union-Tribune interviewed Mark Goldman, a San Diego loan officer and real estate analyst, who said there was a lot going on in September to dampen sales. Fluctuating mortgage rates began to shoot up again and there was trepidation over the upcoming election. “I think people were staying on the sidelines, to see which way the wind would blow,” Goldman said. “People kind of were in a holding pattern. I expect us to return to a more seasonally normal level of sales in November.”