News Summary
In San Diego County, the median home price remains steady at $900,000 for the fifth consecutive month amid a significant decline in home sales. In July, only 2,357 homes were sold, marking the third-lowest figure for that month in 37 years. The housing market faces challenges from rising mortgage rates and economic uncertainty. The average mortgage rate for July was 6.72%, which declined slightly in early August. With increased inventory and longer market times, potential buyers are cautious about entering the real estate market.
San Diego County Home Prices Remain Stagnant at $900,000 Amid Record Low Sales in July
San Diego, California – The median home price in San Diego County remains unchanged at $900,000 for the fifth consecutive month as of July, reflecting no growth compared to the same time last year. This stability in prices coincides with a significant decline in home sales, which totaled 2,357 in July, marking the third-lowest figure for that month in the past 37 years.
The most notable downturn occurred in July 2023, when home sales dipped even lower to 2,307, setting a record for the slowest July in recent history. Overall trends indicate a 5% decrease in home sales across California and a 4.2% drop nationwide when compared to the previous year. These figures highlight the ongoing challenges within the real estate market fueled by rising mortgage rates and high property prices.
As of the end of July, the average mortgage rate for a 30-year fixed loan was reported at 6.72%, but this figure saw a decrease to 6.26% by the first Thursday of August. These higher rates are contributing to the sluggish market, causing potential buyers to hesitate in making purchase decisions, as indicated by recent analyses. Compounding this hesitance is the current economic uncertainty that many prospective buyers feel when navigating the housing market.
The median time homes spent on the market in San Diego County has also risen sharply to approximately 35 days, up from only 20 days the previous year, further illustrating the lack of buyer urgency. In July, about 7,100 homes were available for sale in the county, significantly higher than the 5,600 homes available last year and 3,500 just in 2023.
Regarding different housing types, the median price for single-family homes remained steady at $1 million in July, reflecting no year-over-year change. In contrast, the median price for condos and townhouses saw a decrease of 8.5% year-over-year, landing at $655,000.
While San Diego County’s statistics present a flat market, other sectors within California are experiencing varied pricing trends. For example, Los Angeles County’s median price has decreased by 0.5% to $910,000, while Orange County saw a 3.3% decline to $1.2 million. In Riverside County, prices remained steady at $600,000, whereas San Bernardino County recorded a 1% drop to $520,000. Ventura County suffered the most with a 4.5% reduction, settling at $850,000.
Looking back at historical sales data, the slowest July sales months include July 2023 with 2,307 sales, July 1995 with 2,373 sales, and July 2025 with 2,375. For context, the peak sales during the early 2000s highlight a stark contrast — July 2003, for instance, recorded 6,278 sales.
In summary, the stagnation of home prices at $900,000 in San Diego County, coupled with dramatically reduced sales, paints a picture of a real estate market grappling with affordability and financial uncertainty. Both local and broader trends indicate a significant realignment in buyer behavior, as increased mortgage rates and the economic landscape continue to influence home sales dynamics. As the market evolves, potential buyers and sellers will be closely watching economic indicators and housing affordability to make informed decisions.
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Additional Resources
- San Diego Union Tribune
- MSN Money
- Realtor.com
- Times of San Diego
- Business Wire
- Wikipedia: San Diego
- Google Search: San Diego housing market analysis
- Google Scholar: San Diego real estate trends
- Encyclopedia Britannica: San Diego
- Google News: San Diego housing market
Author: STAFF HERE SAN DIEGO WRITER
SAN DIEGO STAFF WRITER The SAN DIEGO STAFF WRITER represents the experienced team at HERESanDiego.com, your go-to source for actionable local news and information in San Diego, San Diego County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Comic-Con International, San Diego County Fair, and San Diego Pride Festival. Our coverage extends to key organizations like the San Diego Regional Chamber of Commerce and United Way of San Diego County, plus leading businesses in biotechnology, healthcare, and technology that power the local economy such as Qualcomm, Illumina, and Scripps Health. As part of the broader HERE network, including HEREAnaheim.com, HEREBeverlyHills.com, HERECostaMesa.com, HERECoronado.com, HEREHollywood.com, HEREHuntingtonBeach.com, HERELongBeach.com, HERELosAngeles.com, HEREMissionViejo.com, and HERESantaAna.com, we provide comprehensive, credible insights into California's dynamic landscape.
