July San Diego Market Report
Let’s Start with Good News — The White House recently announced additional measures to help struggling homeowners avoid foreclosure as they exit forbearance, including loan modifications and payment reductions. Borrowers with federally backed mortgages can lock in lower interest rates and extend the length of their mortgages. For borrowers who can’t resume their monthly mortgage, HUD will offer lenders the ability to provide all eligible borrowers with a 25% principal and interest reduction.
Closed Sales Decreased 10.4 Percent for Detached homes and 6.0 percent for Attached homes. Pending Sales decreased 22.4 percent for Detached homes and 12.3 for Attached homes.
The Median Sales Price was up 28.3 percent to $975,293 for Detached homes and 13.5 percent to $582,000 for attached homes. Days on Market decreased 54.8 percent for Detached homes and 65.5 percent for Attached homes.
Supply decreased 54.2 percent for Detached homes and 47.1 percent for Attached homes. The National Association of REALTORS® reported inventory of homes for sale nationwide rose slightly in June as more sellers list their homes, hoping to take advantage of record-high sales prices across the country. Even with renewed home seller interest, inventory overall remains 18.8% lower than a year ago, according to NAR.
July property sales were 3,890, down from 3,912 in July of 2020 and -7.2% lower than the 4,190 sales last month. July 2021 sales were at a mid level compared to July of 2020 and 2019. July YTD sales of 24,727 are running 28.2% ahead of last year’s year-to-date sales of 19,284.Prices
The median sales price in July was $750,000, up 17.2% from $639,950 in July of 2020 and down -0.7% from $755,000 last month. The average sales price in July was $952,693, up 20.3% from $792,245 in July of 2020 and down -1.7% from $968,857 last month. July 2021 ASP was at highest level compared to July of 2020 and 2019.
Inventory & MSI
The total inventory of properties available for sale as of July was 4,281, up 6.0% from 4,039 last month and down -30.2% from 6,133 in July of last year. July 2021 Inventory was at the lowest level compared to July of 2020 and 2019.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The July 2021 MSI of 1.1 months was at its lowest level compared with July of 2020 and 2019.