San Diego Real Estate Market Update – July 2023

The San Diego real estate market is heating up, with median detached home prices topping $1 million. In this video, we discuss the latest market trends, including:

-A 4% increase in new listings from May to June, but still 42% below last year’s levels.
-A 27% decline in closed sales from last year.
-A 1.8% year/ year increase in median home price.
-Mortgage rates at 6.81%, which is keeping sellers out of the market and making things harder for buyers.

The market is still very competitive, with properties selling quickly and prices continuing to rise. However, the high cost of homes and mortgage rates may start to impact demand in the future.

If you’re thinking about buying or selling a home in San Diego, contact us to find out how we can help you navigate the market and get the best possible deal.