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San Diego Market Report - September 2018

November 2nd, 2018 3:55 PM by Michael Barrow

Buyer / Seller Market:

"San Diego Home Sales Drop to Lowest Level in 11 Years"

San Diego County home sales dropped 17.5% to the lowest level in 11 years for a September in the first significant sign of a slowdown in the market, real estate tracker CoreLogic reported last week.

In this past September, 2,942 homes SOLD in the county, down from 3,568 sale a year ago. It was the lowest number of sales for a September since just before the Great Recession when 2,152 SOLD in September 2007.

Most experts attributed the slowdown to a rise in mortgage interest rates, and the sale price reduction to potential buyers balking at higher monthly payments. The mortgage rate for a 30-year, fixed-rate loan was 4.78 percent at the end of September, according to Mortgage News Daily, up from 3.99 percent at the same time last year. That would make the monthly cost of a San Diego County median priced home go up by $268 a month.

Rising home prices throughout the year have been largely attributed to a strong economy mixed with strong competition for a limited number of homes for sale. However, the home inventory in September was one of the highest in years according to data from the Greater San Diego Association of Realtors.

Sales were down year-over-year across Southern California. Orange County had the biggest reduction in sales with 23.6 percent drop from the last year. It was followed by Los Angeles County, down 19.3 percent; San Diego County, down 17.5 percent; Ventura County, down 17.2 percent; San Bernardino County, down 16.4 percent; and Riverside County, down by 10.1 percent.


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