A Million-Dollar Median, 6,000 New Units, and a Data Center Decision With Regional Reach
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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 June housing market report placed the median sale price at $1.085 million, with homes spending a median of 18 days on market and sales volume up 16.1% year over year. But that top-line figure sits alongside a subtler shift: the median has been softening on a monthly basis since a June peak around $1.05 million, more homes are selling below original list price than at any recent point, and active inventory is giving buyers more negotiating leverage than they have had in years.
The supply side offers renters their most encouraging signal in some time. Moody's data cited by J.P. Morgan projects nearly 5,900 new multifamily units coming to San Diego County in 2026, pushing vacancy rates from 4.8% in the first quarter to a projected 5.1% and holding average effective rent growth to just 1.2% — following a 2% rent decline in 2025. The pipeline delivering those units now was permitted two to three years ago. New multifamily starts are pulling back even as existing projects complete, meaning the 2028 market will reflect today's permitting decisions.
Imperial County supervisors extended a pause on new data center development on county land through May 2027, a decision with ripple effects for San Diego. Data centers consume substantial energy and water; shifts in their regional siting affect the grid San Diego draws from and water allocation politics across Southern California. San Diego County planning staff delivered a memo to Board Chair Terra Lawson-Remer in July exploring a similar moratorium — a staff-level analysis, not a vote, and no vote has been scheduled. The Golden Pacific Powerlink public comment session before the Board of Supervisors on August 18 sits in the same policy neighborhood: energy infrastructure, regional development, and the allocation of costs that come with growth.
ServiceNow is cutting 63 positions effective August 17 at its Eastgate Mall office in San Diego. The company reported $3.877 billion in Q2 revenue, a 23% year-over-year increase, making this a restructuring move rather than a distress signal — though 63 jobs represents real disruption in a county where unemployment ticked up to 4.4% in June. The San Diego Workforce Partnership currently has $4.22 million in talent-development grants available for workers navigating transitions.