San Diego Housing Market Update July 15-21, 2022

We’ve seen some stabilization in the cooling housing market this past week in regards to both the supply of homes available locally here in San Diego and mortgage rates. Mortgage rates have dropped slightly and are sitting right around 5.5%. Inventory of homes is sitting at just over 5,100 homes available. This is actually a similar amount of homes that San Diego had last July at 5,400 homes and going back to pre-covid times in 2019 there were 10,000 homes. So we’re still at half the “normal” inventory levels.

That being said, the Inventory of homes has risen rapidly with the rapid rise in rates, and has been resulting in price reductions. In fact, 43% of San Diego homes have had price reductions in June. However with rates stabilizing, we’re seeing buyers start to come back in the market. Many buyers are taking a wait and see approach.

Curtis Chism, Realtor
858-281-2568 | Mobile
mailto:info@sandiegohomes.io
Chism Team | DRE #02105113
brokered by eXp Realty | DRE #01878277