Constrained Inventory

May 2, 2023 -San Diego County Housing Report: Constrained 2023 Inventory
 
The high mortgage rate environment has prevented many homeowners from selling their homes, and the trend has only deepened this year.
 
Lack of Sellers - From January through April, there were 49% fewer sellers than the average before COVID, with more than 8,900 missing FOR-SALE signs.

Click here for an updated home value.
 
In the spring of 2020, life changed for everyone. Public schools, private schools, daycare, universities, dine-in restaurants, sporting events, organized sports, concerts, movie theaters, trips to the mall, amusement parks, public pools, beaches, neighborhood parks, and travel were all put on hold. The COVID “stay at home” order affected nearly every aspect of daily life, including real estate.
 
The California governor ordered the lockdown on March 19^th. The initial shock of a worldwide pandemic not only deterred buyers from purchasing but also inhibited plenty of homeowners from selling their homes as well. In March, there were 18% fewer sellers than the 3-year average before the pandemic (2017 to 2019) in San Diego County. In April, it rose to 37%. It then dropped to 21% fewer in May and 17% less in June. By July, more sellers came on the market than the 3-year average, an extra 3 homes, however. There were 4,776 missing sellers from March through June, 23% less.

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