San Diego Market Update June 2022 - WATCH NOW!

We are seeing the market change quickly as home appreciation continues to decline. San Diego’s median home value is down to $987,000, almost $20,000 from just 2 months ago. Inventory is continuing to rise now just under 2 months’ worth of inventory, up by 25%.

The two most drastic changes in stats from last month are pending and closed sales. Pending sales are down by 40% and closed sales down by 35%. What does this mean? There is a large decline in buyer demand due to rising interest rates. Loan requirements are becoming more difficult which has now cut buyer affordability in half.

Sellers you might have missed the peak, but prices are still higher than the last peak so the time to act is NOW. Buyers don’t let the interest rates scare you away from buying your dream home. Buyers hold more weight in negotiations now and you will always have the opportunity to refinance when rates come down. Navigating your options in this changing market can seem overwhelming.

If you would like to grab coffee or schedule a time to talk to discuss your options, call or text me today! I will see you next month for another update on the San Diego market!