San Diego Market Watch - Real Estate Update For June 19, 2025

San Diego County home inventory continues its upward climb and we're adding a new metric to our report this week to give you deeper insight into the San Diego County real estate market. Hang out for the next couple of minutes and I'll tell you what's happening. Hello and welcome to everybody's favorite San Diego County real estate information program, San Diego Market Watch. If you're new to this channel give us a like and subscribe so you don't miss any of these updates. We are here each and every week with a San Diego County real estate market overview. We are tracking new listings, pending sales, closed sales, and now the number of homes with price reductions. So hang out and we will tell you all about it. So let's take a look at the usual suspects here first. Home inventory just continues to climb. We are getting close to 6,600 units now and we are definitely past our five-year high which was achieved back in 2018 or 2019. We reported on that I forget the the year but I think it was definitely more than five years ago. Now the number of new listings this week has declined again so we have a little bit of a decline in new listings going on but pending sales are also sloping downward although remaining pretty constant throughout the year. We had a a bright spot here at the end of April where we popped up above 500 in one week but for the most part we have been right at 450 for the last three months and for the last couple of years frankly. You hear a lot in the media about nobody buying homes. That is not true. The same number of people are buying homes as have been buying homes pretty much since 2022. It's just that there are more homes on the market. Now of course I told you we were going to add a new metric and we have median price has sort of plateaued here and we do expect to see this start to trend down. A lot of people are predicting it's going to plummet. I'm not predicting that. I'm not predicting anything actually other than it's going to start trending down. It has to because supply is outpacing demand. Is that going to crash the real estate market? I don't know. Nobody knows frankly. Anybody that tells you that it is is making a guess. Possibly an educated guess and they're possibly backing it up with lots of facts and figures. However we just don't know what's going to happen until it happens. Now the number of homes with price reductions. We've been getting more and more questions about this and so we decided to go ahead and get this data up on the screen for you. The number this week is 665. So out of the 6,600 or so homes that are currently on the market, 665 reduced their price over the last seven days and that is about 10.19% of the inventory with price reductions over the last seven days and we will continue to track this. I believe a lot of people think the number is is higher based on anecdotal evidence. They see quote-unquote a lot of homes with price reductions and and that might be true. You might see a lot. However the actual number is about 10% and that is probably going to climb. Although let's track it and see. We'll track it week by week for you and I'll do my best to start throwing this into the zip code updates. Although this data is not as easy to get at as one might think. It is in the MLS although you do have to do some fancy work with exporting and getting it into Excel and cleaning it up. There's a lot of reasons why it's not just that easy to get at that data but we got at it and we're giving it to you. So hope you like it. Now looking at interest rates slightly down this week 6.81% on average according to Freddie Mac over the last seven days. So that's slightly better than the week before which was slightly better than the week before that. Although rates remain stubbornly close to 7%. So that's what's going on in San Diego real estate. If you like this content again please remember to like, share, subscribe and comment. We'll be back with more great real estate information for you in the next over the next few days. So as always stay tuned for that. Have a great day and I'll talk to you soon.