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
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