Happy Thanksgiving! I just checked October 2024 sales numbers, and this is the first time in a while that North San Diego County hasn’t set any new price records. Still, prices remain high, and inventory has dropped by almost 10% in the last month. At the same time, today’s inventory is 45% higher from one year ago.
Compared to September sales, the number of days on market for October sales was slightly lower. Earlier this year, most homes were on the market for less than ten days. Today, most listings have an accepted offer in less than three weeks.
But what about interest rates? In spite of many predictions, there hasn’t been a significant change yet. Many rejoiced when the Federal Reserve dropped the federal funds rate by .5% in September. Then, on November 7, they dropped the rate another .25%. However, mortgage interest rates haven’t responded so far. Rates for 30-year fixed loans still hover around 7%.
While many buyers and homeowners wait for interest rates to drop, properties continue to sell at near-record prices. Check out the graphs below to see how steady the market remains, in spite of high rates.
Here are the October 2024 median detached home sales prices, and detached inventory numbers as of 11/19/24:
Carlsbad – $1,750,000
Last all-time high: $1,940,000 – September 2024
Encinitas/Cardiff-by-the-Sea – $2,838,500
All-time high: $3,100,000 – September 2023
San Marcos – $1,217,500
Last all-time high: $1,297,000 – September 2024
Vista – $915,000
All-time high: $985,000 – March 2024
Oceanside – $989,500
Last record: $1,017,000 – August 2024
Escondido – $890,000
Last all-time high: $1,040,000 – June 2024
Interest Rates
Rates for conventional home loans continue to hover around 7.0%. More than ever, your credit score makes a huge difference. If you’re considering buying or refinancing, start with a credit check, to make sure you can secure the best rate possible.
If you own a home, it’s probably worth more than you think. Contact me for a free personalized home valuation, or if you have any other real estate questions. I would love to hear from you!
