The San Diego housing market is easing from the red-hot pace it was on.
Existing single-family home purchases were down 22% in July compared to June, according to the Greater San Diego Association of Realtors (GSDAR). Compared to July 2021, home sales in San Diego County dropped by around 43%.
Prices dipped in July, which is a continuation of a trend that started earlier in 2022.
The median price of single-family homes in San Diego County was $969,000 in July, which is down one percentage point from June, the GSDAR said.
“The last two months have definitely slowed down but not in a terrible way,” San Diego realtor Destiny Roxas said.
Market experts describe the advantages of an easing housing market.
“I think we are seeing a leveling out right now, so things are a little bit more balanced again before the last two years from March 2020 on,” Roxas said.
Despite the cooling local housing market, many market experts believe the market will rebound.
“I don’t see this as a horrible drop by any means. It’s something that I think is natural and corresponds with what’s happening with the Fed. I think once we get a handle on inflation again San Diego is desirable and is always going to be desirable,” Roxas said.