Monthly Indicators

Monthly Market Overview North San Diego County August 2022  

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Summer 2022 has been a season of change for the U.S. real estate market. With housing affordability at a 33-year low, existing-home sales have continued to soften nationwide, falling 5.9% month-to-month and 20.9% year over-year as of last measure, according to the National Association of REALTORS® (NAR). Pending home sales have also continued to decline, while new listings have steadily increased, with unsold inventory reaching 3.3 months’ supply at the start of August. The pullback in demand has been
particularly hard on homebuilders, causing new-home sales and construction to slow.

  • Closed Sales decreased 34.2 percent for Detached homes and 27.1 percent for Attached homes.
  • Pending Sales decreased 32.9 percent for Detached homes and 31.3 percent for Attached homes.
  • The Median Sales Price was up 4.8 percent to $985,000 for Detached homes and 15.9 percent to $672,500 for Attached homes.
  • Days on Market increased 60.0 percent for Detached homes and 75.0 percent for Attached homes.
    Supply increased 20.0 percent for Detached homes and 45.5 percent for Attached homes.

Inflation, higher interest rates, and fears of a potential recession have taken a toll on buyers and sellers this summer, leading many people to stay on the sidelines to see what will happen with the market. But some experts, including NAR Chief Economist Lawrence Yun, believe the worst of inflation may be over. Although sales prices remain up from this time last year, price growth is expected to moderate in the months ahead as the market continues to shift in a more buyer-friendly direction.

San Diego North County Monthly Housing Market Indicators August 2022

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Monthly Market Overview North San Diego County July 2022  

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The U.S. housing market has continued to cool, as rising mortgage rates and record-high sales prices have stifled affordability, weakening demand and pricing out a multitude of buyers. Nationally, median household income has failed to keep pace with increasing mortgage payments, with the costs of buying a home about 80% more expensive now than they were just three summers ago, according to the National Association of REALTORS® (NAR).

As more and more prospective buyers find their home purchase plans delayed, many are turning to the rental market, where competition has intensified due to increased demand.

  • Closed Sales decreased 45.0 percent for Detached homes and 38.5 percent for Attached homes.
  • Pending Sales decreased 34.7 percent for Detached homes and 32.9 percent for Attached homes.
  • The Median Sales Price was up 4.7 percent to $1,020,425 for Detached homes and 17.8 percent to $684,005 for Attached homes.
  • Days on Market increased 35.7 percent for Detached homes and 60.0 percent for Attached homes.
  • Supply increased 25.0 percent for Detached homes and 30.8 percent for Attached homes.

At a time of year when homebuying activity is typically very strong, soaring homeownership costs have caused home sales to decline nationwide for the fifth consecutive month, with existing-home sales falling 5.4% month to month and 14.2% year-over-year as of last measure, according to NAR. But there is a bright spot. Inventory of existing homes has continued to climb this summer, with 1.26 million homes available at the beginning of July, equivalent to a 3 months’ supply. And despite the summer slowdown, homes are still selling quickly, with the typical home staying on market an average of 14 days.

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