U.S. sales of existing homes recently fell to a 13-year low, dropping 2.0% month-over-month and 15.4% year-over-year as of last measure, according to the National Association of REALTORS® (NAR), as surging interest rates and elevated sales prices continue to make homeownership unaffordable for many prospective buyers. Purchase activity is down significantly compared to this time last year, but rising interest rates are also keeping many current homeowners from selling, causing inventory to remain at historically low levels nationwide.
Closed Sales decreased 7.5 percent for Detached homes but increased 10.8 percent for Attached homes. Pending Sales decreased 10.2 percent for Detached homes but increased 28.7 percent for Attached homes.
The Median Sales Price was up 18.6 percent to $1,150,000 for Detached homes and 13.1 percent to $735,000 for Attached homes.
Days on Market decreased 16.7 percent for Detached homes and 36.7 percent for Attached homes.
Supply decreased 28.0 percent for Detached homes and 36.4 percent for Attached homes
Total housing inventory going into October was at 1.13 million units, up 2.7% from the previous month but down 8.1% compared to the same time last year, for a 3.4 months’ supply at the current sales pace, according to NAR. The shortage of homes for sale is making it harder for buyers to find a home to purchase while at the same time pushing sales prices higher nationwide, with the median existing-home sales price rising 2.8% annually to $394,300, the third consecutive month of year-over-year price increases.
National sales of existing homes recently fell to a 7-month low, as surging borrowing costs, rising sales prices, and limited inventory continue to keep many would-be buyers out of the market. Borrowers have become increasingly sensitive to fluctuations in mortgage rates, which have remained above 7% since mid-August. With fewer buyers able to afford the costs of homeownership, existing-home sales declined 0.7% month-over-month and were down 15.3% year-over-year, according to the National Association of REALTORS®(NAR).
Closed Sales decreased 23.1 percent for Detached homes and 25.0 percent for Attached homes.
Pending Sales decreased 14.3 percent for Detached homes but increased 0.8 percent for Attached homes.
The Median Sales Price was up 15.1 percent to $1,122,500 for Detached homes and 8.5 percent to $705,571 for Attached homes.
Days on Market decreased 13.8 percent for Detached homes and 44.4 percent for Attached homes. Supply decreased 32.0 percent for Detached homes and 33.3 percent for Attached homes.
Prices have continued to increase this fall despite softening home sales nationwide, as a lack of inventory has kept the market competitive for prospective buyers, sparking bidding wars and causing homes to sell for above asking price in some areas.
Heading into September there were only 1.1 million units available for sale, 0.9% fewer than a month ago and 14.1% fewer than the same period last year, according to NAR. As a result, the U.S. median existing-home sales price rose 3.9% year-over-year to $407,100, marking the third consecutive month that the median sales price topped $400,000.
Higher mortgage rates, along with elevated sales prices and a lack of housing inventory, have continued to impact market activity during the summer homebuying season. The average 30-year fixed-rate mortgage has remained above 6.5% since May, recently hitting a two-decade high in August, according to Freddie Mac. As a result, existing-home sales have continued to slow nationwide, dropping 2.2% month-over-month as of last measure, with sales down 16.6% compared to the same time last year, according to the National Association of REALTORS® (NAR).
Falling home sales have done little to cool home prices, however, which have continued to sit at record high levels nationally thanks to a limited supply of homes for sale. According to NAR, there were 1.11 million homes for sale heading into August, 14.6% fewer homes than the same period last year, for a 3.3 months’ supply at the current sales pace. The shortage of homes for sale has boosted competition for available properties and is driving sales prices higher, with NAR reporting a national median existing-home price of $406,700, a 1.9% increase from a year earlier.
North County Overview:
Closed Sales decreased 12.1 percent for Detached homes and 19.6 percent for Attached homes.
Pending Sales decreased 21.7 percent for Detached homes and 16.7 percent for Attached homes.
The Median Sales Price was up 14.0 percent to $1,127,150 for Detached homes and 8.6 percent to $730,000 for Attached homes.
Days on Market decreased 8.3 percent for Detached homes and 22.7 percent for Attached homes.
Supply decreased 29.2 percent for Detached homes and 38.1 percent for Attached homes.
City Overview: Holding fairly steady with regard to Price, Days on Market, number of sold and active listings.
Carlsbad
Month
Avg Sold $
Chg
DOM
Chg
Sold Homes
Chg
Act. Listings
Chg
% List Price
YoY Chg
08/23
$1,815,000
-2%
15
7%
191
7%
104
1%
99.6%
0.7%
07/23
$1,861,000
-3%
14
0%
179
15%
103
6%
100.0%
2.2%
06/23
$1,920,000
1%
14
-26%
156
-3%
97
23%
100.3%
3.0%
05/23
$1,900,000
6%
19
-17%
161
15%
79
22%
100.0%
2.4%
04/23
$1,793,000
8%
23
-26%
140
9%
65
5%
98.4%
-0.8%
03/23
$1,657,000
4%
31
0%
128
35%
62
-2%
96.9%
0.8%
02/23
$1,594,000
-0%
31
11%
95
-17%
63
-19%
95.5%
5.1%
01/23
$1,598,000
-2%
28
0%
114
-10%
78
-21%
95.9%
4.1%
12/22
$1,623,000
2%
28
-7%
127
-19%
99
-14%
94.4%
4.9%
11/22
$1,587,000
-2%
30
0%
156
-4%
115
-9%
94.0%
3.1%
10/22
$1,614,000
-5%
30
25%
162
-14%
127
-16%
94.9%
5.0%
09/22
$1,703,600
-5%
24
41%
188
-12%
151
-11%
95.8%
14.3%
08/22
$1,802,279
-1%
17
42%
213
-4%
169
1%
98.9%
22.4%
07/22
$1,821,026
-2%
12
20%
223
-4%
167
19%
102.8%
27.6%
06/22
$1,863,624
0%
10
0%
233
4%
140
37%
106.7%
29.5%
05/22
$1,855,969
3%
10
-17%
223
6%
102
36%
109.4%
26.2%
04/22
$1,807,471
10%
12
-20%
210
12%
75
9%
109.5%
23.3%
03/22
$1,643,465
8%
15
-12%
187
-6%
69
-5%
107.4%
16.1%
02/22
$1,516,065
-1%
17
6%
198
-14%
73
-17%
104.4%
20.7%
01/22
$1,535,059
-1%
16
0%
231
-17%
88
-15%
103.0%
30.4%
Encinitas
Month
Avg Sold $
Chg
DOM
Chg
Sold Homes
Chg
Act. Listings
Chg
% List Price
YoY Chg
08/23
$2,640,000
3%
21
-5%
82
0%
48
7%
100.0%
-1.1%
07/23
$2,560,000
1%
22
16%
82
-1%
45
0%
99.7%
-3.4%
06/23
$2,523,000
1%
19
-21%
83
2%
45
2%
98.7%
-2.7%
05/23
$2,496,000
-4%
24
-11%
81
31%
44
13%
98%
-3.7%
04/23
$2,592,000
2%
27
-18%
62
19%
39
3%
97.1%
6.4%
03/23
$2,542,000
22%
33
-8%
52
0%
38
-16%
94.9%
17.2%
02/23
$2,077,000
2%
36
13%
52
0%
45
-4%
92.2%
1.2%
01/23
$2,028,000
-10%
32
-3%
52
-15%
47
-10%
93.4%
-5.9%
12/22
$2,255,000
-4%
33
18%
61
-5%
52
-5%
92.5%
1.3%
11/22
$2,343,000
-6%
28
-10%
64
-7%
55
4%
93.4%
3.9%
10/22
$2,505,000
-4%
31
11%
69
1%
53
-5%
93.2%
10.3%
09/22
$2,604,000
-2%
28
40%
68
-3%
56
-3%
94.4%
13.3%
08/22
$2,668,944
1%
20
54%
70
-17%
58
4%
98.1%
25.6%
07/22
$2,650,404
2%
13
0%
84
-18%
56
14%
103.1%
31.3%
06/22
$2,592,614
0%
13
-19%
103
-9%
49
20%
105.6%
31.3%
05/22
$2,590,593
6%
16
7%
113
18%
41
21%
106.7%
30.1%
04/22
$2,435,887
12%
15
-25%
96
12%
34
-6%
106.9%
24.8%
03/22
$2,169,582
6%
20
-9%
86
8%
36
-14%
104.7%
17.3%
02/22
$2,052,570
-5%
22
-19%
80
-7%
42
-19%
103.1%
17.5%
01/22
$2,155,319
-3%
27
13%
86
-7%
52
-13%
101.8%
27.7%
Oceanside
Month
Avg Sold $
Chg
DOM
Chg
Sold Homes
Chg
Active Listings
Chg
% List Price
YoY Chg
08/23
$971,000
-0%
14
0%
259
7%
103
-7%
101.5%
4.9%
07/23
$974,000
-2%
14
-22%
243
3%
111
10%
102.1%
-0.6%
06/23
$997,000
1%
18
-33%
236
2%
101
6%
101.1%
2.6%
05/23
$988,000
0%
27
-18%
232
12%
95
17%
100%
0.9%
04/23
$984,000
7%
33
-11%
208
7%
81
-21%
98.5%
5.6%
03/23
$923,000
-2%
37
9%
194
10%
103
-18%
97.2%
3.0%
02/23
$938,000
1%
34
0%
176
-7%
125
-15%
96.1%
14.0%
01/23
$933,000
-0%
34
17%
190
-16%
147
-15%
95.2%
9.5%
12/22
$934,000
3%
29
4%
225
-11%
173
-9%
95.3%
9.8%
11/22
$911,000
3%
28
12%
254
-14%
190
-2%
95.4%
3.9%
10/22
$885,000
-2%
25
4%
296
-2%
193
-6%
97.4%
6.3%
09/22
$904,283
-2%
24
33%
303
-1%
206
-8%
96.8%
11.3%
08/22
$926,014
-5%
18
38%
307
-4%
223
2%
99.1%
15.5%
07/22
$979,524
1%
13
18%
321
-17%
218
14%
102.3%
23.2%
06/22
$971,761
-1%
11
-15%
385
-9%
191
24%
104.8%
21.9%
05/22
$979,346
5%
13
-13%
421
9%
154
18%
105.8%
25.8%
04/22
$931,893
4%
15
-12%
386
21%
130
5%
105.7%
21.6%
03/22
$896,065
9%
17
6%
318
-2%
124
-5%
104.7%
19.7%
02/22
$823,005
-3%
16
7%
324
-11%
130
-10%
103.1%
18.4%
01/22
$852,143
0%
15
7%
364
-15%
144
-7%
102.9%
24.9%
San Marcos
Month
Avg Sold $
Chg
DOM
Chg
Sold Homes
Chg
Active Listings
Chg
% List Price
YoY Chg
08/23
$1,185,000
-0%
18
-14%
125
1%
39
5%
101.1%
7.9%
07/23
$1,186,000
3%
21
11%
124
-6%
37
-12%
100.6%
3.8%
06/23
$1,154,000
3%
19
-5%
132
5%
42
5%
100.1%
4.9%
05/23
$1,123,000
1%
20
-29%
126
13%
40
-9%
99.3%
3.4%
04/23
$1,113,000
9%
28
-20%
112
8%
44
-19%
98.7%
5.6%
03/23
$1,017,000
2%
35
-3%
104
16%
54
-17%
97.3%
-1.9%
02/23
$996,000
2%
36
24%
90
-14%
65
-14%
95.5%
1.5%
01/23
$972,000
2%
29
7%
105
-15%
76
-16%
95.2%
-2.1%
12/22
$951,000
-2%
27
8%
123
-22%
90
-11%
94.6%
-1.0%
11/22
$974,000
-1%
25
9%
158
-3%
101
-6%
95.0%
2.8%
10/22
$985,000
-6%
23
10%
163
-8%
107
-8%
95.8%
6.4%
09/22
$1,047,000
-5%
21
31%
177
-3%
116
-6%
96.9%
11.5%
08/22
$1,098,000
-4%
16
23%
183
-11%
123
6%
99.8%
13.8%
07/22
$1,143,000
4%
13
8%
205
-8%
116
20%
102.9%
17.7%
06/22
$1,100,617
1%
12
0%
222
-1%
97
28%
105.0%
14.8%
05/22
$1,085,769
3%
12
0%
224
11%
76
13%
106.7%
19.0%
04/22
$1,053,808
2%
12
0%
201
10%
67
8%
107.3%
18.6%
03/22
$1,036,353
6%
12
0%
183
-4%
62
3%
106.9%
24.5%
02/22
$981,319
-1%
12
-20%
190
-6%
60
-5%
105.0%
21.0%
01/22
$993,196
3%
15
0%
203
-11%
63
-7%
103.0%
26.5%
Vista
Month
Avg Sold $
Chg
DOM
Chg
Sold Homes
Chg
Active Listings
Chg
% List Price
YoY Chg
08/23
$998,000
2%
16
7%
170
16%
84
2%
101.4%
8.7%
07/23
$982,000
2%
15
-6%
147
20%
82
6%
102.1%
7.6%
06/23
$964,000
3%
16
-20%
123
-8%
77
38%
100.2%
1.6%
05/23
$936,000
0%
20
-13%
134
8%
56
10%
99.3%
-1.0%
04/23
$935,000
8%
23
-21%
124
-6%
51
-16%
98.7%
0.9%
03/23
$863,000
3%
29
-17%
132
27%
61
-10%
97.5%
-3.7%
02/23
$835,000
2%
35
-3%
104
-10%
68
-22%
95.3%
-5.5%
01/23
$820,000
-1%
36
20%
116
-6%
87
-19%
94.2%
-7.2%
12/22
$828,000
-3%
30
11%
124
-24%
107
-18%
95.3%
-3.6%
11/22
$851,945
-6%
27
17%
163
-11%
131
-11%
95.9%
2.2%
10/22
$906,273
-0%
23
21%
183
-9%
147
-10%
96.6%
13.6%
09/22
$910,549
-1%
19
19%
201
3%
163
3%
97.4%
15.3%
08/22
$918,464
1%
16
33%
196
-14%
159
10%
98.6%
18.5%
07/22
$913,029
-4%
12
9%
227
-12%
144
21%
101.7%
18.4%
06/22
$948,425
0%
11
10%
258
-3%
119
24%
105.5%
24.0%
05/22
$945,910
2%
10
-9%
267
12%
96
17%
107.0%
25.8%
04/22
$926,864
3%
11
-21%
238
11%
82
15%
107.4%
28.8%
03/22
$896,549
1%
14
-13%
214
-3%
71
9%
104.8%
30.0%
02/22
$883,560
-0%
16
-6%
220
-8%
65
-12%
103.4%
34.0%
01/22
$883,907
3%
17
0%
240
-3%
74
-17%
102.6%
31.6%
Hi folks, If you are going to be selling your home in the near future or are just curious about its value in today’s market, give me a call or use the button below. I will email you a comprehensive market analysis of your home. There is no obligation on your part and it is totally free.
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Downward pressure on home values continues, however it weakened somewhat with Carlsbad and Oceanside home values going positive for the month of December.
Home values peaked in the June, July, August time frame, depending on the area.
Average Sold price, Days on Market, Number of Homes Sold, Active Listings on the market and the % of List Price the Seller Received. Along with the month to month change. I have also added in the Year over Year change to value.
Downward pressure on home values continues. Home values peaked in the June, July, August time frame, depending on the area.
Average Sold price, Days on Market, Number of Homes Sold, Active Listings on the market and the % of List Price the Seller Received. Along with the month to month change. I have also added in the Year over Year change to value.
Downward pressure on home values continues. Home values peaked in the June, July, August time frame, depending on the area.
Average Sold price, Days on Market, Number of Homes Sold, Active Listings on the market and the % of List Price the Seller Received. Along with the month to month change. I have also added in the Year over Year change to value.
Average Sold price, Days on Market, Number of Homes Sold, Active Listings on the market and the % of List Price the Seller Received. Along with the month to month change.
As you can see, the interest rate hikes are being felt. Home values peaked in the June, July, August time frame, depending on the area.
The question now, how much of a pull back will there be?