San Diego Market Watch - Real Estate Update For September 26, 2024

This week in San Diego real estate, the number of homes for sale remains largely the same as our major indicators are flat over the past seven days. Hang out with me for the next few minutes and I will show you what is in the data for the past seven days. Today is Thursday, September 26th, 2024, and you are watching San Diego Market Watch, everybody's favorite San Diego real estate YouTube program brought to you each and every week. Please, if you're new to this channel, hit that like button, subscribe so you don't miss any of these updates, and leave us a comment. Let us know what kind of real estate questions you have. If you're a buyer, a seller, or just have questions about real estate in general, we are here to help. Let's get right into it. Looking at the number of homes for sale, it flattened out. For the first time in several weeks, we have been creeping closer and closer to that 5,000 number and have not crested that line just yet because new listings have just been flat, flat, flat, flat over the last four, five, almost six weeks now. So no increase in new listings as you might expect with people involved in summertime activities, although generally after Labor Day, we do see a spike in new listings and we also see a spike in pending sales, which we have not seen. Pending sales were riding above 450 for most of the year until early August when they dipped below 450 and have remained there for several weeks in a row. Not even these low interest rates are pushing those pending sales skyward, which is something that I would be paying close attention to were I someone who had a home to sell anytime in the near future here. Very important to get that pricing right because not everything is selling right now. Most zip codes are seeing more active inventory than pending listings and many zip codes by twice or even three times the amount. So there are a lot of sellers out there that are not going under contract within the San Diego County average market time of about 23 days right now. So according to Freddie Mac, over the last seven days, interest rates are at 6.08%, which is a little lower than the week before and much lower than they have been all year. So eventually this is going to force some buyers out of the woodwork. We will see if that happens sooner rather than later. Generally heading into fall, we do get a spike in activity. We'll see if that happens this year. So that's what's going on in San Diego real estate. If you like this content, please remember, like, share, subscribe, and comment. We'll be back next week with a new edition of San Diego Market Watch and more neighborhood real estate updates. So stay tuned for those. Have a great weekend and we'll see you later.