Will San Diego Home Buyers Finally Catch a Break?

By in News

• The Market Shows Signs of Hope for Home Buyers •

Real estate agent and her clients talking about contract.

It looks like the combination of rising mortgage rates and sky-high prices is finally dampening demand in San Diego’s red-hot housing market. Does that mean San Diego home buyers will soon catch a break?

In April, single-family home sales across the state dropped 8.5 percent from the previous year. Year-to-date, statewide home sales were down 7.4 percent. So far that hasn’t stopped the climb in housing prices. April’s statewide median home price was just shy of $885,000, up 4.2 percent from March and up 8.7 percent from April 2021.

The good news? Prices across the country may soon level off, and might even decline. With a record number of single-family units under construction in April, a burgeoning supply should give buyers a much-needed break on price. And it’s probably best to lock in a rate before mortgages rise even higher.

The Bottom Line

If you’re ready to learn how you can become a power buyer, call us at 858.880.0195 or email portia.green@compass.com to get started with Reali today.

Share This
About The Author
Portia Green, REALTOR®

Portia's clients all have a similar story. She feels like a friend and most likely you met her at the kitchen table or huddled up in the living room. Her personable nature and easy going approach attract sellers and buyers alike, in what can be a stressful and emotionally charged experience. An experienced REALTOR® with 15 years experience, she is just as excited about real estate today as she was with her first transaction. Portia remains ever-committed to helping her clients find their place in the world and helping busy people navigate this crazy real estate market like a pro.