YOUR 2024 SAN DIEGO COUNTY HOUSING MARKET REPORT IS HERE!

The 2024 housing market started on a positive note: inventory was on the rise, mortgage rates had fallen from a 23 year high of 7.79% in October 2023 to the mid 6% range, and  homebuyers had returned to the market, with U.S. existing home sales posting back-to-back monthly increases for the first time in more than two years in January and February. But rates soon began to climb, topping 7% in April, and buyers pulled back, causing sales to slump during the traditionally busy spring buying season.

Summer arrived, and with it came a surge of new listings, pushing inventory to its highest level since 2020, according to the National Association of REALTORS®. Although buyers had more options to choose from in their home search, the additional supply did little to temper home prices, which continued to hit record highs nationwide, and sales remained slow. Eventually, mortgage rates began to ease, falling to a yearly low of 6.08% in September, and with inflation moving toward its 2% target, the Federal Reserve initiated a series of interest rate cuts, dropping the benchmark rate one full percentage point. Buyers took advantage of lower borrowing costs and a greater supply of homes on the market, leading sales of existing homes to surge in October and November, marking the first time since  May that home sales exceeded four million units.

VIEW FULL 2024 ANNUAL REPORT