News Summary
San Diego County has bucked the trend of declining home sales in California, reporting a 3.8% increase in July while statewide sales fell by 1%. The median home price rose to $1.040 million, up from June’s $1.025 million, contrasting with a statewide drop. Experts attribute the divergence to local demand and recent mortgage rate decreases, indicating a potential recovery for San Diego’s real estate market amidst broader uncertainty.
San Diego – In a surprising turn of events, San Diego County has experienced an upsurge in home sales and prices in July, even as the overall housing market in California continues to decline. According to the latest data released by the California Association of Realtors (CAR), closed escrow sales of existing, single-family detached homes statewide totaled a seasonally adjusted annualized rate of 261,820 in July, representing a reduction of 1% from June’s rate of 264,400. Home sales for July 2024 also reflected a downturn of 4.1% compared to the same month last year, which recorded an annualized sales rate of 272,990.
In contrast, San Diego County recorded a positive trend, with home sales increasing by 3.8% compared to June. However, year-over-year figures show a dip of 6.5% when compared to July 2024. The median sale price for homes in San Diego County during July rose to $1.040 million, from $1.025 million reported in June and an increase from $1.020 million in July 2024. This continues to highlight a stark difference in local market performance compared to the statewide data, where the median home price is reported at $884,050, a decrease of 1.7% from June and a slight dip of 0.3% from the previous year’s $886,420.
The statewide annualized sales figure represents an estimate of total homes sold in 2025 if the sales pace of July is maintained. This indicates a continued struggle within the broader California housing market. San Diego’s localized data, however, does not factor in seasonal adjustments, which could play a role in the apparent divergence in trends.
CAR President Heather Ozur noted that the housing market is experiencing a modest slowdown in both sales and prices, as many buyers have opted to step back amid uncertainties in the market. This reflects a cautious approach among potential homebuyers, who may be waiting for more stability before making significant purchase decisions.
Recent trends in mortgage rates may play a crucial role in shaping future homebuyer activity. Currently, mortgage rates are at their lowest levels since October of the previous year, prompting an increase in purchase applications. Should these declining rates persist, there is potential for stronger buyer activity and renewed demand in the coming months, which could alter the trajectory of sales and pricing across the state.
The disparity between San Diego County’s housing market and the overall California market provides important context for both buyers and sellers. For local homeowners, the increased demand and rising prices could represent an opportunity, while potential buyers may still face challenges due to broader economic factors, including interest rates and market uncertainty.
In summary, while San Diego County has seen an increase in both home sales and prices in July, the overall state trend points to a decline in housing activity. Market observers will need to watch future mortgage rate movements and buyer sentiment closely, as these factors could significantly influence the future landscape of real estate both locally and statewide.
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Additional Resources
- CBS8 News
- Wikipedia: San Diego
- San Diego Union-Tribune
- Google Search: San Diego housing market
- Redfin Blog
- Google Scholar: San Diego real estate
- NBC San Diego
- Encyclopedia Britannica: California real estate
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.
