The Big Story

Quick Take:

• Median home sale prices are virtually flat on a year-over-year basis, as the market has settled into a holding pattern despite lower mortgage rates.
• Inventory levels remain slightly elevated compared to last year, but the gap continues to narrow.
• Existing home sales have pulled back on both a month-over-month and year-over-year basis, signaling that buyers are still waiting on the sidelines.

💸 Lower Rates = Real Savings for Buyers

Mortgage rates are finally easing, dropping to 6.16% from 6.91% last year. That’s bringing the average monthly payment down to about $1,959 — roughly $168 less per month.

For buyers in San Diego, that kind of shift can start to open doors.

⚖️ Prices Holding Steady

Even with improved rates, home prices remain relatively stable at $396,800. We’re seeing a slight year-over-year increase, but also a small dip from last month — a sign the market is starting to find its balance.

🏠 Inventory Is Growing

We’re heading into spring with more homes hitting the market.

• New listings are up over 10% from last month
• Inventory has also increased slightly year-over-year

This gives buyers more options — something we haven’t seen much of in recent years.

👀 Buyers Are Still Waiting

Despite better rates, many buyers are still on the sidelines. Home sales are down compared to both last year and last month, suggesting people are waiting to see if rates improve even further.

🔮 What to Watch

Right now, the market could go either way. If rates continue to drop, we could see buyers jump back in quickly. If not, inventory may continue to build, creating more opportunities for those ready now.

🌴 Local Take

San Diego tends to move differently than the national market. Even small rate changes can shift demand quickly here.

If you want a quick breakdown of what this looks like in your neighborhood, I’m happy to share.

 

Big Story Data