As a local realtor, I’ve been keeping a close eye on the San Diego real estate market, and June’s numbers have been quite interesting. According to San Diego Union-Tribune, home price gains in San Diego County were halted in June, marking the first time this year that prices haven’t increased.
The median home price in San Diego County reached $890,000 in June, a slight decrease of $5,000 from May. While this represents a small dip, it’s still notable considering June is typically considered the “summer buying season.”
The slowdown in sales is also something to consider. June saw a record low of 2,546 home sales, the lowest for that month since records began in 1988. This is a stark contrast to June 2008, during the worst of the Great Recession, when there were 3,077 sales.
Several factors are contributing to this shift in the market. Interest rates have remained elevated, making it more challenging for buyers to qualify for mortgages. Additionally, many homeowners are hesitant to sell, as they would likely face higher mortgage rates on their next purchase.
Despite the slowdown, there are still positive signs for potential buyers. The number of homes listed for sale in June was higher than any point in the past two years. This indicates that more inventory is becoming available, which could eventually lead to more competition among sellers and potentially lower prices.
However, buyers should be prepared for a competitive market, especially for homes that are move-in ready and require no repairs.
It’s important to remember that the real estate market is constantly evolving. If you’re considering buying or selling a home, it’s essential to work with a knowledgeable and experienced realtor who can guide you through the process. https://robertluiswallace.com/services/ I’m here to help you navigate the complexities of the San Diego real estate market and achieve your goals.
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