This Week's Housing Market Headlines

Shortage of homes for sale keep median home prices above $1M for San Diego County

The median home price in San Diego County was $1.02 million in May, a 2.1% decrease since the previous month's $1.04 million, but a 9.6% increase from last year at this time. "A persistent shortage of homes for sale, particularly in the more affordable market segments, continued to push up California's median home price to new record highs over the past couple of months," CAR Senior Vice President and Chief Economist Jordan Levine said. "With mortgage rates coming back down from their recent peaks and market competition heating up, the statewide median price may have more room to grow before the summer ends."

Redfin Reports Home Prices Hit New High, But Buyers Gain Power as Stale Listings Pile Up and Price Drops Become More Common READ FULL ARTICLE

Buyers are shying away from earlier steps in the house-hunting process, too: Redfin’s Homebuyer Demand Index, a measure of requests for tours and other buying services from Redfin agents, declined 17% year over year to its lowest level since February. Homes that need work and/or aren’t in the most desirable locations can be a good opportunity for today’s buyers: They’re selling under asking price in some places–if they do sell. “Things have reversed since the pandemic,” said Jonathan Ader, a Redfin Premier agent in the Palm Springs, CA area. “Now, most homes—the exception is relatively affordable homes that are move-in ready—are selling under asking price.”

10 US cities where home prices are getting worse — and 5 where they’re dropping- Read Full Article

If you’ve spent the last couple of years waiting for the housing market to cool down, you know that hasn’t quite happened. In fact, some markets are only seeing prices rise, despite cooling inflation and still-high mortgage rates.

It’s not all bad news. Redfin reported earlier this week that home prices in the U.S. are rising at the slowest pace in nearly a year and a half as new listings also trend up. However, in a report released Thursday, Redfin noted that home prices have hit new highs.

If you have questions about the housing market in San Diego, selling your home, or buying a home, please reach out!