• The Market Shows Signs of Hope for Home Buyers •
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.