San Diego Housing Market Update Aug 5-11, 2022

by Curtis Chism

We're starting to see a balancing in the market as new listings have fallen below 5,000 and New Pending sales have picked up again. With the drop in mortgage rates recently, it encouraged more buyers to enter the market once again.

Expect inventory to continue to fall as we enter the school year. People generally don't' want to sell at the start of the school year and many have already made their moves. This reduction in inventory is going to help keep prices up despite an overall softening in the market.

Homeowners have so much equity right now and such low interest rates, many people don't have to sell. This means if they don't have to sell, many Sellers won't be interested in dropping their prices much. Only those home owners that have to sell for some reason (distressed sale, job relocation) or going to be forced to drop prices to sell quickly.