Are mortgage rates too high? Well, if Snoop Dogg were to explain the scene in San Diego, it might sound something like this…
Yo, what’s up, San Diego? You know, the housing scene in San Diego County is always poppin’, especially when the sun’s out and the vibes are right. Let’s break down this real estate report, Cali style:
Prices fell slightly but remain lofty
So, check it – the median price for a single-family home took a little dip, about 1.4%, from that record high we hit in June. But don’t trip, it’s still sittin’ pretty at the second highest price ever seen. Condos, on the other hand, been makin’ moves – they’re up by almost 10% for the year, just a smidge under last year’s all-time high. But I gotta keep it real with y’all – don’t expect those condo prices to reach the stars again this year.
Now, let’s talk about the numbers game. Listings out there in San Diego County took a nosedive from June to July, and this trend’s been goin’ on for almost a year now. I mean, single-family homes are harder to find than my lost stash of doggy treats. We’re talkin’ record low levels here, and that says a lot about the challenges of copping a crib in a market that everyone wants a piece of.
And check this out – the supply and demand dance is hittin’ a whole new level in 2023. Homes are flyin’ off the shelves faster than my rhymes, and sellers are grinnin’ ear to ear ’cause they’re gettin’ closer to their asking price. It’s like a real-life game of Monopoly out here, and the buyers are feelin’ the heat.
But don’t let the heat get to ya – even though prices took a little slide, they’re still hotter than the California sun. And yeah, the demand might chill out a bit this time of year, but that don’t mean the supply problems are magically disappearin’. Quality homes are gonna get snatched up quick, but the ones that need some TLC might be kickin’ it on the market a little longer. The mortgage rates these days are playin’ a part too – folks ain’t as eager to drop stacks on fixer-uppers like they were back in the day.
Single-family home inventory hits all-time low after 11-month downward trend
Now, single-family homes and condos, they’ve been on a downward trend for almost a year in the inventory department. That’s like a marathon of low listings, and it’s way off the usual seasonal script. Single-family homes are scarcer than a unicorn in these parts, hittin’ an all-time low in July. It’s like finding a needle in a haystack out there. Usually, the inventory peaks in the summer and chills out by winter, but not this year – it’s a different kinda rhythm.
The name of the game is supply and demand, and with supply runnin’ low, sellers are holdin’ the cards. They’re gettin’ closer to their list price, and that’s a sweet deal for them. And peep this – the Months of Supply Inventory, or MSI for short, is on a rollercoaster ride. It’s like measurin’ how long it’d take to sell all the houses on the market at the current rate. When MSI’s low, like it is now, it’s a sellers’ paradise. And it’s been droppin’ like it’s hot this year, showin’ that the market’s all about sellers callin’ the shots.
So there you have it, San Diego – the real estate scene is like a mixtape of ups and downs. Prices might’ve taken a step back, but they’re still doin’ the dougie up there. Listings are scarcer than ever, and it’s a seller’s world out here. Keep it real and stay savvy in the San Diego real estate hustle, ya dig? Peace out!