September 2023 Market Statistics

Median Sales Price is down by 3%

New Listings are down by 5.2%

Sold Homes are down by 25%

Market Time is up by 1 day

No surprises here! September remained relatively close to August, with the exception of sold homes trending down by 25%. While this number may seem high, it’s not all that unexpected; fall is when the real estate market in San Diego typically starts to slow down. With interest rates over 7% and new listings down, there are fewer homes to be sold.

I expect to see similar numbers in October. With so much uncertainty in the economy right now, many people have put a “pause” on entering the market, unless it’s absolutely necessary (like relocating for work). Based on the economic reports, I don’t expect interest rates to drop this year, and without that, we’re unlikely to see an increase in inventory.

Any “big” shift in the market will likely come in 2024; if interest rates come down by at least a point, seller’s who have been wanting to move, might finally get off the fence, and buyer’s who lost purchasing power with higher rates will likely reconsider entering the market. If this happens, competition will increase, which in turn, could raise prices again. That being said, I still don’t expect to see anything crazy like we did in 2021 (29% increase in price in some areas of San Diego County).

*Data is pulled from CRMLS and reflects Single Family, Detached Homes*