San Diego Housing Cools as Inventory Surges and Prices Slip
How this was made Verified AI
Every Intellegix briefing is generated from that day's broadcast and run through automated checks before it publishes — with a human paged on any flag. Here is the trail for this edition.
San Diego County's housing market is showing its first meaningful signs of cooling in years. The median sale price countywide was $954,000 for the three months ending in May — down 3% from the same period a year ago — while the median price per square foot fell to $687, a 3.7% year-over-year decline. Homes are averaging 23 days on market, one day longer than last year.
A roughly 24% increase in active listings compared to this time last year is driving much of the shift, giving buyers more options and tempering the multiple-offer dynamics that defined recent years. North County median days on market have stretched to around 37 days. The broader county median for May stood at $925,000, essentially flat compared to two years ago, while North County commanded $1,029,990.
The 30-year fixed mortgage rate sitting in the low-to-mid 6% range — down nearly half a point from a year ago — is providing some relief for buyers who had been sidelined by higher borrowing costs.
On the supply side, Carlsbad approved a five-story, 397-unit apartment building near College Avenue and El Camino Real, with 20% of units reserved as affordable housing for qualified households. In Santee, the $26.8 million community center project approved in December is entering the construction phase with a budget now $3.1 million higher than earlier estimates, funded through development impact fees, a state grant, and federal rescue plan allocations — an increase that reflects broad construction cost inflation across the region.