San Diego Market Watch - Real Estate Update For December 5, 2024

San Diego County home sales are sluggish as we head into the home stretch of 2024. Hang out with me for the next few minutes and I will show you what's going on. Today is December 5th, 2024 and you are watching San Diego County's favorite real estate information show, San Diego Market Watch. Welcome. If you're new to this channel, please hit that like button and subscribe so you don't miss any of these updates. Let's get right into what's going on in San Diego County real estate this week. As you can see, the number of homes for sale has been steadily declining since mid-October and sharply declining over the last couple of weeks. And yes, there are less new listings coming on the market due to the holidays, although still at right around 4,400 units. This is the highest level of inventory we've seen in the last three years heading into the home stretch. Last two years, there has been less inventory on the market as we head into the holiday season. Pending sales have been declining over the last couple of weeks, which is no surprise. New listings bounced up just a tiny bit last week, but that is definitely not too much of a significant jump. Now looking at interest rates, those are down a little bit over the last two weeks, which is good news, but still way up from where they were in mid-September. So this is not really great news for buyers or sellers right now because there are more homes on the market than homes being sold every week. And higher rates make it more difficult for buyers to purchase. And higher rates make it less likely that a seller is going to list their property to do an upsize or a downsize. So it keeps the inventory low, a bit of a stalemate going on. Hopefully things will clear up as we head into 2025. Now looking at median home prices from October to November, they were down slightly after two months of increase. And of course, we had a rather sharp decrease in median home price earlier this year. It's no surprise to see that they were down just a tiny bit with the sluggish amount of activity that we've been seeing over the last 45 to 60 days. So that's what's going on in San Diego County real estate this week. If you like this content, please remember to like, share, subscribe, and comment. We'll be back next week with more great real estate information. Until then, have a great weekend and we will talk to you soon.