San Diego home sales fall to lowest level in 35 years
Here’s how the different home types fared in January:Median of $820,000, with 1,027 sales, and down from its peak of $950,000 in April.Newly built:
Median of $849,500, with 101 sales. This figure combines single-family homes, townhouses and condos. Down from the peak of $890,500 in August. Sales in this category are expected to be lower than normal in 2023, as developers are reportingThe monthly cost of a mortgage has gone up significantly in a year’s time when considering rising interest rates.
Alan Gin, an economist at the University of San Diego, said falling home prices aren’t enough to make monthly payments anywhere near where they were a year ago because interest rates are going up more quicker than prices are dropping. He said, theoretically, there could be an equilibrium where interest rates remain high, but the home price drops enough that a buyer could get back to a $2,997 monthly payment. However, with interest rates still around 6.1 percent, that means the San Diego County median home price would need to nearly drop an additional $200,000 to $557,900.Personal finance website Bankrate releasedMonday that listed the best and worst places for first-time homebuyers.
Bankrate considered affordability, job market, wellness and culture, and market tightness in its determination. It said while San Diego ranked higher in other categories, especially wellness and culture, its affordability ranking was so low it canceled it out. It said the best markets were Austin, Kansas City and Raleigh.Los Angeles County:Monthly rise of 1.7 percent to $950,000; Flat for the year.San Bernardino County:Monthly drop of 0.7 percent to $750,750; up 0.1 percent for the year.
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