Will San Diego Home Prices to Plummet in June 2024

George Lorimer
Friday, May 31, 2024
Will San Diego Home Prices to Plummet in June 2024
Last year, 2,204 homes were on the market. Today, there are 3672 homes. Can buyer demand keep up or absorb the inventory? So far, the market time has extended from 36 days to 57 days.

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As mentioned above, there are 40% more homes for buyers to consider than last year, and the process take 57 days versus 36 days last year. The number of homes in escrow is up 4% since last year. There were 6% more closed monthly sales than a year ago.

The market is cooling, probably because the mortgage rates are sticky and higher than expected. Does that mean prices will drop? Experts agree that supply and demand are in line and don't predict big price cuts. The sales-to-list-price ratio is 100.1%. If a home is listed for $800,000, it will sell for $800,800.

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And 99.85% of homes were normal sales, not foreclosure, distress, short sale, etc.

That said, approximately one-fourth of homes hit the market and reduced prices within the first month. This is usually because their price was too high, not because prices are dropping.

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