San Diego Real Estate Market Update - August 2025

More buyers on the street in July led to increased pending sales. Today we are here with our month over month real estate market overview. Let's take a look at what's happened over the past few weeks and then we'll zoom out to look at long-term trends. So looking at the numbers in the San Diego County real estate market from July to August, new listings were only up 1.5 percent while pending sales increased almost 10 percent. Closed sales up a little bit. Days on market did definitely increase a bit and median price edged up just a tiny bit. The number of homes for sale overall is up not even one point. So with all the talk about inventory increasing, and it has, but not by really that much. So when you're out and about working with clients right now, what's the vibe on the street? Well the vibe on the street right now, like the last two weeks, has been a lot more positive. We had a couple of listings ourselves that had been stagnant, just sitting there, not really getting a lot of showings or action. Both of those sold in the last couple of weeks with full price offers and I am definitely getting more calls on new listings. So I am definitely hopeful that the stalemate or the stagnation that we were seeing in the market. The log jam. The log jam yes has finally broken and I'm not saying that you know prices are running away again or anything like that, but we had definitely seen a serious log jam in the market and then over the last few weeks inventory has plateaued. Number of pending sales is up overall, not just for us. So definitely hopeful that we're going to see a little more activity heading into the fall. All right well let's check out some long-term trends and let's get started with new listings. Okay looking at the new listings as we always do. First let's take a look at attached and detached just for the last three years in July. July of 24 and 25 almost almost identical for single-family homes, but of course it was way up from 23 to 24. But 2023 was the slowest year in real estate in 30 years in San Diego County. And then attached properties up a little bit more July to July. And then when you look year-to-date definitely there have been more listings year-to-date. Overall yes more new listings and more inventory. If you look at 2019 was the last year that we had like a regular number of new listings going on peaking here in the summer months again and again and again over the years. And then in 2020 of course it was lower and lower and lower and way lower in 2023. And now starting to come back we have certainly more in 2025 than 2024. But still we have never returned at least not yet to these sort of what was being considered normal. Although if we had this many new listings right now prices would be suffering a lot more than than they are. All right well let's check out closed sales. Yes closed sales otherwise known as where the rubber meets the road. Those those are definitely down. So we've got more listings and less closed sales. So that definitely points to a real potential for softening prices. More choices for buyers. More negotiating power for buyers. But I've had so many people ask me recently so it's a buyer's market now? Not not as much. It's softened up a bit but I wouldn't quite say it's a buyer's market. Yeah I mean there are some parts of the country and even some parts of California that are all out buyers markets. But not in San Diego County at least not yet. So the number of closings year to date even though July is a little down year over year here. Year to date almost exactly the same number of closed sales for both attached and detached properties. Then of course looking at the long chart as we like to do. Closings. Kind of similar to new listings. Yeah. You can't sell it until you list it. That's right. You know although new listings were were higher in 2019 than 20 and 21. But here we see more closings going on in 20 and 21. And then of course here's where interest rates jumped up. Fed stopped buying those Treasuries and those those interest rates jumped up on us. And you know closings plummeted between 22 and 23 and then started making a comeback. And so here we are in 2025 you know right about even with 23 and 24 mostly. I mean it's the not not significant differences year to date. All right well let's see what's happening with median prices. Median price. Yes. So again we're looking at detached and attached here. July to July attached prices are down a little bit. And attached prices down a little bit. Detached prices up a little bit. Year to date median price is outperforming last year. I mean I would be surprised if this trend continues. But you know I've said that before and I've been wrong. We are sometimes surprised. Yes we are. Not often but sometimes. Sometimes. But then look at what's going on here with attached properties. You know year to date $5,000 difference in median price. And when you look at it on the long chart kind of tells the whole story. You know prices have been going up steadily since 2012. And then here we as soon as we get you know into 2021 we see a plateau later in the year. In 2022 we saw an all-out drop in the second and third quarter. Kind of a similar pattern over the past couple years. It starts to drop off in the in the late summer and into the fall and then picks up in the in the early new year in the spring. All right well let's check out inventory of homes for sale. Yes well as as promised that is up. July to July it's up. But I mean when you look at this here it's up and and the percent looks crazy. But the number of homes is is actually not you know 700 or so homes. If you zoom out several years well like on the long chart you can. We've got a few bars here but looking back at the longer term trends this really isn't that dramatic of an increase compared to where it's been before. No but there are more people listing condos for sale. There are more people in condos who are just tired of waiting and just trying to make that move up into the single-family home. So if anything if if anything right now condo prices are probably gonna gonna suffer a little more than detached prices. Although again these these predictions are ones I really don't like to make because it's so easy to be wrong. Because you're based I mean you're guesstimating. And anyway looking at the inventory you know 2019 here it was in 2019 and it just dropped off a cliff. And you know so here we are 2025 relative to 2019 relative to years past is just not that much on the market. Well the market in general has been very rate sensitive recently. So let's talk about what's going on with interest rates. Yes so they're down for the last seven days and as we've been you and I watching the 10-year Treasury that's just been inching down ever so slightly. And that is having a softening impact on the 30-year fixed mortgage which is currently sitting at 6.63% which is good relative to where we were back in May at 6.89 or you go all the way back here to January we were at 7.04. So we are seeing improvement right now although it's so volatile. I mean it's just really volatile and when the market is kind of hanging on on tenths or hundredths of a point in interest rates you know it's definitely a precarious situation that we find ourselves in. And it is really interesting when you have a seven-day average that that drops down a bit you see that jump up in pending and and we saw it I mean just this week I just looked at the pending numbers for the last seven days because inventory was absolutely flat over the last seven days. Pendings jumped up to nearly 500 where the pretty much 450 has been that the trend line per week for a really long time. So you get these little slight movements in rates it does help sell more homes. Well hopefully this will help to shake some things up. Hopefully so and hopefully it keeps trending down because that's really good for everyone. You know every every expert that I follow is basically just reporting it's it's all gloom and doom headlines right now and whenever I see the gloom and doom I just go and I look at the actual numbers and I see yeah precarious but at least in San Diego County we're not seeing gloom and doom just yet. All right well we'll keep an eye on it for you. We'll be back next time with another update. If you enjoyed this video please like, share, subscribe, and comment and we'll see you next time. See you later.