Will San Diego Home Prices to Plummet in June 2024
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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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To help you make sense of this market and help you and your family, call or text me at 619-846-1244.