1st Quarter Market Statistics - San Diego

Inventory picked up slightly in San Diego, but clearly not enough to slow down prices; we saw a 13% increase in the median home price. If a home is priced right, we’re seeing a very short market time (less than a week), with multiple offers. Despite interest rates remaining high, buyers are still out shopping; at my last open house (April 14th) I had over 22 groups come through in just 2 hours.

It will be interesting to see how the 2nd Quarter ends. With the recent economic data released (Personal Consumption Expenditures and job gains in the US labor market), it’s unlikely the Fed will cut rates anytime soon; some economists believe we might not see a rate cut until 2025. Bottom line: until we see better inflation reports, rates will remain high.