Quick Recap: Rising inflation, soaring home prices, and increased mortgage interest rates have combined to cause a slowdown in the U.S. housing market. To help quell inflation, which reached 8.6% as of last measure in May, the Federal Reserve raised interest rates by three quarters of a percentage point in June, the largest interest rate hike since 1994. Higher prices, coupled with 30-year fixed mortgage rates approaching 6%, have exacerbated affordability challenges and rapidly cooled demand, with home sales and mortgage applications falling sharply from a year ago.

MONTHLY REAL ESTATE SNAPSHOT FOR SAN DIEGO COUNTY
Closed Sales decreased 39.5 percent for Detached homes and 21.8 percent for Attached homes. Pending Sales decreased 44.6 percent for Detached homes and 31.2 percent for Attached homes.

The Median Sales Price was up 14.1 percent to $1,084,000 for Detached homes and 19.3 percent to $699,000 for Attached homes. Days on Market increased 8.3 percent for Detached homes and 22.2 percent for Attached homes. Supply increased 28.6 percent for Detached homes and 18.2 percent
for Attached homes.

With monthly mortgage payments up more than 50% compared to this time last year, the rising costs of homeownership have sidelined many prospective buyers. Nationally, the median sales price of existing homes recently exceeded $400,000 for the first time ever, a 15% increase from the same
period a year ago, according to the National Association of REALTORS®. As existing home sales continue to soften nationwide, housing supply is slowly improving, with inventory up for the second straight month. In time, price growth is expected to moderate as supply grows; for now, however, inventory
remains low, and buyers are feeling the squeeze of higher prices all around. 

To View Recently Sold Homes and Additional Information, Click Here.

Property Sales
June property sales were 2,603, down from 3,978 in June of 2021 and -12.8% lower than the 2,986 sales last month. June 2022 sales were at their lowest level compared to June of 2021 and 2020. June YTD sales of 16,334 are running -17.2% behind last year’s year-to-date sales of 19,719.Prices
The median sales price in June was $852,000, up 12.1% from $760,000 in June of 2021 and down -1.5% from $865,000 last month. The average sales price in June was $1,097,317, up 11.0% from $988,421 in June of 2021 and down -3.6% from $1,138,094 last month. June 2022 ASP was at highest level compared to June of 2021 and 2020.Inventory & MSI
The total inventory of properties available for sale as of June was 4,354, up 19.1% from 3,655 last month and up 14.3% from 3,810 in June of last year. June 2022 Inventory was at a mid range compared to June of 2021 and 2020.

A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The June 2022 MSI of 1.7 months was at a mid range compared with June of 2021 and 2020.Market Time
The average Days On Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM tends to indicate a move towards more of a buyer’s market, a downward trend a move towards more of a seller’s market. The DOM for June was 19, up from 18 days last month and equal to 19 days in June of last year. The June 2022 DOM was at its lowest level compared with June of 2021 and 2020.Selling Price Per Square Foot
The selling price per square foot is a great indicator for the direction of property values. Since median sales price and average sales price can be impacted by the ‘mix’ of high or low end properties in the market, the selling price per square foot is a more normalized indicator on the direction of property values. The June 2022 selling price per square foot of $627 was down -3.1% from $647 last month and up 15.3% from $544 in June of last year.Selling Price vs Listing Price
The selling price vs listing price reveals the average amount that sellers are agreeing to come down from their list price. The lower the ratio is below 100% the more of a buyer’s market exists, a ratio at or above 100% indicates more of a seller’s market. The June 2022 selling price vs list price of 102.0% was down from 104.9% last month and down from 104.4% in June of last year.Inventory / New Listings / Sales
This last view of the market combines monthly inventory of properties for sale along with new listings and sales. The graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of new listings in June 2022 was 3992, down -1.9% from 4,071 last month and down -12.2% from 4,549 in June of last year.