The market’s direction will be determined by inventory, and San Diego is #1 on Bill’s list for the biggest percentage drop year-over-year. Also consider how the San Diego metro compares to others that had a similar number of new listings in April:
Our market is starved for inventory, so you really can’t blame sellers for pushing it, price-wise. Buyers may back off some, and not as many listings will sell. But when the success rate of listings-that-sell has been an unusually-high 80% to 90%, we can afford some additional failure.
We’re going to have fewer sales. Panic selling? Probably not.