If you’ve been wondering what’s happening in the housing market lately, the latest data from the National Association of REALTORS® shows something interesting: more Americans are getting back into the market. Home sales nationwide hit their highest level since last December, and that’s good news for both buyers and sellers here in San Diego County.
Why the uptick? Mortgage rates have dropped a bit compared to last year, averaging 6.44% in May versus 6.82% a year ago. That’s helping buyers feel a little more comfortable about making a move. And for those who’ve been waiting for the “right moment,” affordability is improving—especially out West.
Here in San Diego County, this is encouraging because our market has some of the highest home prices in the country. Still, buyers are starting to take advantage of the conditions. First-time buyers, in particular, are back in action—they made up 35% of home sales in May, up from 30% last year.
On the seller side, the market remains strong. Inventory is slowly growing, but there are still more buyers than homes available. That limited supply is keeping home values steady. Nationally, the median home price hit $429,300 in May, with homes selling fast—often in just under a month, sometimes with multiple offers. San Diego mirrors that trend: well-priced homes in sought-after neighborhoods are getting a lot of attention.
Looking at the West, existing-home sales were up 5.6% from last year, and the median home price reached $625,900—the highest in the country. That means demand is strong here, and sellers still have a great opportunity if they’re ready to list.
So, what does this all mean for you in San Diego County?
- If you’re buying: There are signs that affordability is improving, and more homes are moving on the market. It might be a good time to start looking or at least explore your options.
- If you’re selling: Buyer interest is still high, and limited inventory means your home could attract multiple offers if priced right.
Every neighborhood in San Diego tells its own story, so even though these national trends are helpful, local insight is key. I’d be happy to help you understand what’s happening in your specific area and figure out the best strategy for your goals—whether that’s buying, selling, or just keeping an eye on the market.