San Diego July Market Statistics

The hot topic in real estate for July was interest rates. The Fed raised rates by .25 percentage point for the 4th time this year, causing many seller’s to step back and take a “wait and see” approach to the housing market. While this might be slowing down the market a bit (gone are the days of seller’s receiving 30 offers $100k over asking), the rate hikes are also one the biggest reasons for the continued inventory shortage (and therefore continued high sales prices). Last month, the amount of new homes that came on the market dropped by over 8%; with fewer homes on the market, and continued demand, home prices can’t (and won’t) come down. Unfortunately, July is typically a busy month in San Diego for real estate, with fall months bringing fewer listings and fewer sales; this drop in new listings could be a good indicator of a slow fall market.

For Buyers: Timing is so important right now. It may feel like there aren’t a lot of homes to choose from, but that inventory is likely to continue to drop until next spring. If you’ve been considering buying, start looking now!

For Sellers: Pricing is *key* in this market! With higher interest rates, buyer’s don’t have as much cash for renovations, but are still willing to pay “top dollar” for turnkey homes. For some home sellers, investing in paint and carpet is a fairly inexpensive investment for a greater return.

If you’re considering entering the market, let’s chat! I have proven strategies in place to help my buyers and sellers “win” in this market.