Carmel Valley, Poway, Rancho Bernardo, Rancho Penasquitos, and Scripps Ranch
Listings, Sales, Days on Market and more broken out by zip code.

Bonsall, Escondido, Fallbrook, San Marcos, Valley Center and Vista.
Listings, Sales, Days on Market and more broken out by zip code.

Nationally, existing home sales recently dropped to a 6-month low, falling 7.2% as buyers struggled to find a home amid rising prices and historic low inventory. Pending sales are also down, declining 4.1% as of last measure, according to the National Association of REALTORS®. Builders are working hard to ramp up production—the U.S. Census Bureau reports housing starts are up 22.3% compared to a year ago—but higher construction costs and increasing sales prices continue to hamper new home sales, despite high
demand for additional supply.

• Closed Sales decreased 10.2 percent for Detached homes and 20.9 percent for Attached homes.
• Pending Sales decreased 9.3 percent for Detached homes and 9.7 percent for Attached homes.
• The Median Sales Price was up 23.0 percent to $1,064,250 for Detached homes and 30.0 percent to $700,000 for Attached homes.
• Days on Market decreased 22.2 percent for Detached homes and 25.0 percent for Attached homes.
• Supply decreased 53.8 percent for Detached homes and 50.0 percent for Attached homes.

Across the country, consumers are feeling the bite of inflation and surging mortgage interest rates, which recently hit 4.6% in March, according to Freddie Mac, rising 1.4 percent since January and the highest rate in more than 3 years. Monthly payments have increased significantly compared to this time last year, and as housing affordability declines, an increasing number of would-be homebuyers are turning to the rental market, only to face similar challenges as rental prices skyrocket and vacancy rates remain at near-record
low.

San Diego North County Monthly Housing Market Indicators March 2022
Use the ‘Pop-Out’ to view report or the link to download.

Bonsall, Escondido, Fallbrook, San Marcos, Valley Center and Vista.

Listings, Sales, Days on Market and more broken out by zip code.

The U.S. real estate market remains hot ahead of the spring selling season, with existing home sales up 6.7% as of last measure, according to the National Association of REALTORS®. Experts attribute the growth in sales to an uptick in mortgage interest rates, as buyers rushed to lock down their home purchases before rates move higher. Mortgage rates have increased almost a full percentage point since December, with the average 30-year fixedrate mortgage briefly exceeding 4% in February, the highest level since May 2019.

Inventory was at an all-time low of 860,000 as February began, down 17% from a year ago and equivalent to 1.6 months supply. According to Lawrence Yun, Chief Economist at the National Association of REALTORS®, much of the current housing supply is concentrated at the upper end of the market, where inventory is increasing, while homes priced at the lower end of the market are quickly disappearing, leaving many first-time buyers behind. The shortage of homes is boosting demand even further, and with bidding wars common in many markets, it’s no surprise sales prices continue to soar.

San Diego North County Monthly Housing Market Indicators February 2022

Use the ‘Pop-Out’ to view report or the link to download.

Bonsall, Escondido, Fallbrook, San Marcos, Valley Center and Vista.

Listings, Sales, Days on Market and more broken out by zip code.

Cardiff, Carlsbad, Del Mar, Encinitas, Oceanside and Solana Beach.

Listings, Sales, Days on Market and more broken out by zip code.

The 2022 real estate market begins where 2021 left off, in which existing home sales reached their highest level since 2006, with the National Association of REALTORS® reporting sales were up 8.5% compared to the previous year as homebuyers rushed to take advantage of historically low mortgage rates.

Home sales would’ve been even greater were it not for soaring sales prices and a shortage of homes for sale in many markets, forcing a multitude of buyers to temporarily put their home purchase plans on hold.

• Closed Sales decreased 12.8 percent for Detached homes and 17.5 percent for Attached homes.
• Pending Sales decreased 8.3 percent for Detached homes and 7.3 percent for Attached homes.
• The Median Sales Price was up 18.4 percent to $947,000 for Detached homes and 11.4 percent to $595,000 for Attached homes.
• Supply decreased 46.2 percent for Detached homes and 50.0 percent for Attached homes.

For many buyers, 2022 marks a new opportunity to make their home purchase dreams a reality. But it won’t be without its challenges. Inventory of existing homes was at 910,000 at the start of the new year, the lowest level recorded since 1999, according to the National Association of REALTORS®, and competition remains fierce. Affordability continues to decline, as inflation, soaring sales prices, and surging mortgage interest rates reduce purchasing power. The sudden increase in rates and home prices means buyers are paying significantly more per month compared to this time last year, which may cause sales to slow as more buyers become priced out of the market.

Fervent buyer demand, driven by pandemic-induced changes to housing needs and preferences, reached extraordinary levels in 2021. The inventory of homes for sale remained low, as home seller activity did not rise proportionally to meet this demand. New construction activity, while strong, remains limited by a combination of material and labor shortages, rising material costs, and a regulatory and operational environment that makes it difficult to scale quickly. The strong seller’s market of 2020 continued and even strengthened in 2021, with inventory levels remaining low and multiple offer situations common across much of the housing market both locally and nationally. Multiple offers again drove prices significantly higher for the year.  

• Sales: Pending sales decreased 0.4 percent, finishing 2021 at 16,964. Closed sales were up 2.7 percent to end the year at 17,190.
• Listings: Comparing 2021 to the prior year, the number of homes available for sale was lower by 59.1 percent. There were 702 active listings at the end of 2021. New listings decreased by 10.0 percent to finish the year at 18,592.
• Distressed: Forbearance efforts by the government and lenders continued for much of the year, limiting distressed sales activity once again. In 2021, the percentage of closed sales that were either foreclosure or short sale increased by
• 14.3 percent to finish the year at 1.6 percent of the market. Foreclosure and short sale activity may increase in 2022, though the strong gains in equity seen by most homeowners in the last few years will help to limit the number of distressed sales.
• Prices: Home prices were up compared to last year. The overall median sales price increased 20.3 percent to $812,000 for the year. Single-Family Detached home prices were up 23.3 percent compared to last year, and Single-Family Attached home prices were up 17.1 percent.
• List Price Received: Sellers received, on average, 102.9 percent of their original list price at sale, a year-over-year increase of 4.4 percent.

The 2021 housing market was once again strong both locally and nationally. Inventory shortages and high buyer demand continued to push home prices higher, with multiple offers on a limited number of homes the common theme in most market segments.  

This year looks to continue the trends seen in the last 18 months, pushing home prices higher still. As mortgage rates are likely to continue to rise over the year as well, housing affordability will remain an important factor to watch.

Carmel Valley, Poway, Rancho Bernardo, Rancho Penasquitos, and Scripps Ranch

Listings, Sales, Days on Market and more broken out by zip code.