_edited.png)
Monthly Housing Market Update San Diego
January 2024
U.S. existing-home sales slipped 1.0% month-over-month and were down 6.2% year-over-year as of last measure, while pending sales jumped 8.3% from the previous month, marking the largest gain since June 2020, according to the National Association of REALTORS® (NAR).
Mortgage rates have dropped significantly from their peak last fall, and homebuyers are beginning to come out of the woodwork, with NAR forecasting a 13% increase in existing-home sales this year compared to 2023.
Closed Sales decreased 5.9 percent for Detached homes but increased 30.1 percent for Attached homes. Pending Sales decreased 1.5 percent for Detached homes but increased 18.6 percent for Attached homes.
Median Prices & Supply
The Median Sales Price was up 19.2 percent to $1,100,000 for Detached homes and 6.3 percent to $680,000 for Attached homes. Days on Market decreased 19.5 percent for Detached homes and 42.2 percent for Attached homes.
Supply decreased 22.2 percent for Detached homes and 25.0 percent for Attached homes. Despite tepid sales activity, the persistent shortage of housing supply has helped prop up home values nationwide, with the median existing-home price rising 4.4% year-over-year to $382,600, according to NAR. Total unsold inventory was at 1 million units heading into January, an 11.5% decline from the previous month, for a 3.2 months’ supply at the current sales pace. Nationally, listing activity has started to pick up, and with mortgage rates stabilizing and housing completions on the rise, inventory is expected to improve in the coming months.
What does that mean for you?
If you think buying a home is in your future consider getting into the market sooner rather than later is going to really help you. If you can't afford your 'dream' house consider getting into a starter house for a few years and using the equity you will earn to buy your forever home!
