San Diego home sales and prices were on the rise in March before mortgage rates sharply increased.<\/p>\n
The region\u2019s median home price was $900,000, according to Attom Data Solutions, up 3.1% from February<\/a> and unchanged annually. The median, which combines sales of single-family homes, townhouses and condos, hit a high of $915,000 in June 2024.<\/p>\n There were 2,360 home sales in March, up from the historically low 1,972 in February and 1,616 in January. March\u2019s closed sales reflect transactions that began in February \u2014 when average mortgage rates fell below 6% \u2014 and were likely unaffected by the sharp rise in rates following the start of the Iran conflict.<\/p>\n The average 30-year, fixed-rate mortgage rate was 6.75% by Wednesday afternoon, said Mortgage News Daily<\/a>. Analysts said other headwinds continue to affect the market: High gasoline costs, lackluster wage gains and economic uncertainty.<\/p>\n Bill McBride, author of the economics blog Calculated Risk<\/a>, said a rise in interest rates makes thousands of dollars in difference to the average buyer.<\/p>\n \u201cFor buyers in La Jolla and Del Mar, there\u2019s no difference between 6% and 6.7%,\u201d he said of wealthy buyers. \u201cBut for 80% to 90% of San Diego County, people care. It changes the equation.\u201d<\/p>\n McBride said a home is usually the biggest purchase in a consumer\u2019s life and buyers can get skittish with economic uncertainty. He said some recent examples are concern over artificial intelligence taking jobs and rising gas prices \u2014 which might factor into commute calculations.<\/p>\n \u201cSay you were going to buy a house in Temecula and commute to downtown San Diego,\u201d McBride said. \u201cYou care about $6.50 (a gallon) gas prices.\u201d<\/p>\n Yet if everything is so bad why are prices still rising? McBride said the biggest factor in San Diego County is a lack of supply, which increases competition and drives up prices.<\/p>\n The county has continued to break records for apartment construction<\/a>, but for-sale home construction<\/a> is down considerably. In addition, the number of homes for sale continues to be in the doldrums. There were 2,628 new homes listed for sale in March, according to the Redfin Data Center<\/a>, down from 2,725 at the same time last year.<\/p>\n Home prices varied by type in March. The median single-family home price was $1 million, down 0.8% annually. The median townhouse and condo price was $682,990, down 2.6% annually.<\/p>\n Raylene Brundage, a North County real estate agent, said the sluggish market has continued into the typically busy spring buying season. She said buyers\u2019 economic concerns aren\u2019t helping. Brundage noted spending more on gasoline is a drop in the bucket compared to a $1 million home price, but it\u2019s more related to how potential buyers feel.<\/p>\n \u201cIt doesn\u2019t affect people\u2019s ability (to buy),\u201d she said, \u201cbut it\u2019s more their appetite to purchase given the squeeze we\u2019re all experiencing.\u201d<\/p>\n San Diego County\u2019s median home price largely mirrors similar patterns to the rest of Southern California. Here\u2019s a look at medians \u2014 the point where half of the homes sold for more and half sold for less \u2014 across the region:<\/p>\n Los Angeles County: Up 1.1% monthly for a median home price of $894,700; down 0.6% annually.<\/p>\n Orange County: Up 3.8% monthly for a median of $1.22 million; up 1.7% annually.<\/p>\n Riverside County: Monthly rise of 2.4% to a median of $605,000; down 0.2% in a year.<\/p>\n San Bernardino County: Down 1.9% monthly to a median of $520,000; down 2.8% annually.<\/p>\n San Diego County: Up 3.1% monthly for a median of $900,000; flat annually.<\/p>\n Ventura County: Up 1.8% in a month to a median of $875,000; up 1.2% in a year.<\/p>\n","protected":false},"excerpt":{"rendered":"San Diego home sales and prices were on the rise in March before mortgage rates sharply increased. 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