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-0822

San Marcos: New Restaurant Row owner proposes mixed-use project at site

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SAN MARCOS — The new owner of the Old California Restaurant Row property in San Marcos has applied to develop over 200 housing units and 10,000 square feet of new commercial space on a portion of the site still home to several businesses. 

Located along West San Marcos Boulevard and Via Vera Cruz, Restaurant Row has been a San Marcos pillar since it was founded by developer Jim Eubank in the 1970s, hosting a variety of mom-and-pop as well as chain eateries over the years.  

Many were shocked when the Eubank family sold the land to a company called San Marcos Restaurant Row LLC at the end of 2020, as reported by the San Diego Union-Tribune. Application materials submitted to the city of San Marcos on June 17 identify the new owner as Elizabeth Papera and real estate company Lennar Homes of California as the developer and applicant for the project. 

The submitted plans cover a nearly 11-acre site area in the center of the property, partially bordering West San Marcos Boulevard. Most of the area is currently used for parking but also houses businesses The King & I of San Marcos, Landon’s East Meets West, Old California Mining Company, The 55 Yardline Sports Bar and Grill, and IHOP in two separate buildings. 

City officials do not know whether the developer plans to displace these businesses as part of their project.

“If they are going to be displaced, I don’t know if the developer is going to be working with the existing businesses to find space for them in their plan,” said city spokeswoman Tess Sangster. “[Whether] it is or isn’t his plan, our goal is to be able to have them continue their business. It would be great if we could get them set up at another location in town.” 

Leaders of Lennar’s San Diego division said they are still early in the process for the project but are envisioning a thriving residential and commercial area. 

“Our vision for the area is to create a vibrant and walkable neighborhood with outdoor dining, shops and services, social gathering spaces and new housing,” said Alex Plishner, senior vice president of Lennar’s San Diego division. “Plans are still very early in the application process, but we look forward to hearing feedback from members of the community.”

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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.

Monthly-0722

Mortgage Rates Drop Below Five Percent

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Mortgage rates remained volatile due to the tug of war between inflationary pressures and a clear slowdown in economic growth. The high uncertainty surrounding inflation and other factors will likely cause rates to remain variable, especially as the Federal Reserve attempts to navigate the current economic environment.

All content is subject to change without notice. All content is provided on an “as is” basis, with no warranties of any kind whatsoever. Information from this document may be used with proper attribution. Alteration of this document or its content is strictly prohibited. © 2022 by Freddie Mac.

Oceanside rezones land along North River Road for future homes

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Nearly 26 acres of land along North River Road has been converted to residential zoning to make way for up to 400 future homes in a yet-to-be-determined housing development.

The Oceanside Planning Commission unanimously approved the general plan and zoning amendments to change the usage of two adjacent parcels of land at 4617 and 4665 North River Road from light industrial to medium-density residential and to establish a Planned Block Development (PBD) Overlay District, which is “intended to permit flexibility in land-use regulations and site development standards” for future developments.

The project, referred to as Tierra Norte, is located on the south side of North River Road between Avenida Descanso and Calle Montecito in the North Valley Neighborhood Planning Area.

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Mortgage Rates Continue to Fluctuate

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Purchase demand continues to tumble as the cumulative impact of higher rates, elevated home prices, increased recession risk, and declining consumer confidence take a toll on homebuyers. It’s clear that over the past two years, the combination of the pandemic, record low mortgage rates, and the opportunity to work remotely spurred greater demand. Now, as the market adjusts to a higher rate environment, we are seeing a period of deflated sales activity until the market normalizes.

All content is subject to change without notice. All content is provided on an “as is” basis, with no warranties of any kind whatsoever. Information from this document may be used with proper attribution. Alteration of this document or its content is strictly prohibited. © 2022 by Freddie Mac.