It’s August 1st, which means the local 10k InfoSparks data has been updated for July. The NSDCC median sales price may be 17% lower than it was in June, but maybe nobody will notice because it is a subset only we are following closely. The general data looks more homoginized:
The Median Percent paid of the original list price is one of the better indicators of market health. Homes that are presented well are selling, and they are getting all the money.
But not as many are selling – here are the county’s detached-home sales per month over the last five years. Last month’s total of 1,866 sales is 20% below last July’s count, and 47% lower than in July, 2019:
Fewer sales lead to more volatility in price because there are fewer comps to guide both buyers and sellers. Of the 153 NSDCC July sales, 41% were cash buys, which have been the most volatile – in both directions!
In June, there were roughly 3,200 homes listed for sale, said the Redfin Data Center. That’s the lowest number of homes for sale in a June in at least four years. Goldman said if interest rates hold at current levels, he doesn’t see a lot of homes suddenly coming onto the market.
“Inventory will be tight for years to come,” he said.
Late spring and summer are typically the busiest times of the year for the real estate market but sales have been abysmal across the nation. Redfin, in an article, called the previous few months “the spring homebuying season that never happened.”
Raylene Brundage, an agent who sells in several North County communities, said she has seen very little change in the market in recent months, even if the overall median — the point at which half the homes sold for more and half for less — has been increasing.
She said people don’t want to sell not only because of higher interest rates but because it would be difficult to find a new house.
“There’s a lack of inventory because people aren’t selling,” Brundage said, “and people aren’t selling because there’s a lack of inventory.”
She said there are still occasional sellers cashing out and leaving California, but those aren’t enough to move the market.
https://www.sandiegouniontribune.com/business/story/2023-08-01/its-a-weird-san-diego-homebuying-season-as-prices-rise-while-sales-hit-historic-lows
This realtor was fired and fined $15,000 for taking a sip of milk:
https://nypost.com/2023/08/01/canadian-realtor-fined-over-15k-and-suspended-from-job-for-sipping-on-milk-from-sellers-fridge/
Fewer sales also lead to fewer agents. Must be getting more tense at those company get togethers. Certainly less crowded around the punch bowl. Looks like a lost decade