High mortgage rates continued to hamper home sales in San Diego County in June 2024, according to the latest home sales and price report from the California Association of Realtors (C.A.R.).

The sales pace for San Diego County home sales declined in June 2024 in both monthly and yearly comparisons. Sales of existing, single-family homes in June 2024 in San Diego County decreased 9% from May 2024, and 1.9% from June 2023.

Statewide, the sales pace in June 2024 decreased 0.8% from May 2024, and 2.7% from June 2023. Year-to-date statewide home sales edged lower by 0.5%. California home sales remained stagnant for the second consecutive month in June 202, as mortgage rates remained above 7% throughout most of May when escrows were opened for most of June’s sales.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 270,200 in June 2024, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2024 if sales maintained the June pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The sales pace has remained below the 300,000-threshold for 21 consecutive months, and year-to-date home sales have fallen behind last year’s level by -0.5 percent through the first half of this year.

“With interest rates coming down to the lowest levels since February and the availability of homes loosening up further in the last few months, the housing market is gearing up for another run in the second half of the year,” said C.A.R. President Melanie Barker, a Yosemite REALTOR®. “We could see a pickup in market momentum at the start of the third quarter if rates decline in a more sustainable way in the coming weeks and buyers decide to take advantage of lower costs of borrowing.”

Meanwhile, the average price for an existing, single-family detached home in San Diego remained at more than $1 million in June 2024. It was the fourth consecutive month for the median price to exceed $1 million (March, $1,020,000; April, $1,047,500; May, $1,025,000; June $1,054.180).

June 2024 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

San Diego’s median sales price in June 2024 was $1,054,180, a 2.8% increase from the $1,025,000 posted in May 2024. A year ago, in June 2023, the median price for a San Diego home was $958,250, a difference of 10.0%.

Statewide, the median home price took a step back in June 2024. The California median price was $900,720 in June 2024, compared to $908,040 in May 2024, a difference of 0.8%, and $837,850 in June 2023, a difference of 7.5%.

Home prices will likely continue recording positive year-over-year gains in the second half of the year, though the pace of growth could moderate if the rest of the year follows the traditional seasonal pattern.

Sales of higher-priced homes are a contributing factor to California’s rising median home price, especially since homes priced at $1 million and above are selling faster than lower-priced homes.

In a year-over-year comparison between June 2024 and June 2023, the million-dollar-and-higher market segment rose 2.0%, while the sub-$500,000 segment declined by 21.0% in the same time period. Currently, sales of homes priced above $1 million now make up 36.3 percent of all sales, nearly the biggest share in at least the last five years. California easily boasts the most cities with million-dollar-priced homes, followed by New York and New Jersey. 

“Home sales pulled back in June as interest rates remained volatile at the end of the second quarter. The average 30-year fixed rate mortgage began to decline since early July though and recently reached the lowest level in five months as the inflation cooling trend continued,” said C.A.R. Senior Vice President and Chief Economist Jordan Levine. “While it will take a couple of more reports for the Federal Reserve to begin cutting rates, housing affordability for qualified buyers should begin to see some improvement in the coming months.”   

Other key points from C.A.R.’s June 2024 resale housing report include:

•  At the regional level, home sales in all major regions continued to be softer than year-ago levels, including -11.5% for Southern California.
  
  
•  At the regional level, all major regions registered an increase in their median price from a year ago, including a gain of 7.4% for Southern California.
  
  
• The unsold inventory statewide index, which measures the number of months needed to sell the supply of homes on the market at the current sales rate, improved from both the prior month and year. The index was 3.0 months in June, up from 2.6 months in May and up 2.2 months in June 2023.

June 2024 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)

• The unsold inventory index of available existing homes for sale in June 2024 in San Diego County was 2.7 months. The figure was 2.0 months in June 2023. For previous 2024 months, the figures were 2.4 months in May, 2.2 months in April and March, 2.3 months in February and 2.6 months in January. Inventory levels indicate the number of months it would take for the available supply of homes on the market to sell-out given the current rate of sales.

• Active listings at the state level rose on a year-over year basis for the sixth consecutive month.
  
  
• The median number of days it took to sell a California single-family home was 18 days in June and 15 days in June 2023.
  
  
• In San Diego, the median number of days it took to sell an existing, single-family home was 14 days in June 2024. The figure was 11 days in June 2023. For previous 2024 months, the figures were 12 days in May, April and March.
  
  
• C.A.R.’s statewide sales-price-to-list-price ratio was 100.0 percent in June 2023 and 100.0 percent in June 2023. Sales-to-list-price ratio is an indicator that reflects the negotiation power of home buyers and home sellers under current market conditions. The ratio is calculated by dividing the final sales price of a property by its original list price and is expressed as a percentage. A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, and a ratio below 100 percent indicates that the price sold below the asking price.

• The statewide average price per square foot for an existing single-family home was $440, up from $412 in June a year ago. Price per square foot is a measure commonly used by real estate agents and brokers to determine how much a square foot of space a buyer will pay for a property. It is calculated as the sale price of the home divided by the number of finished square feet. C.A.R. currently tracks price-per-square foot statistics for 53 counties.

• The 30-year, fixed-mortgage interest rate averaged 6.92 percent in June 2024, up from 6.71 percent in June 2023, according to C.A.R.’s calculations based on Freddie Mac’s weekly mortgage survey data.

Home prices and home sales in San Diego County are continuing to surge, despite mortgage interest rates at the highest levels in five months, according to the latest home sales and price report from the California Association of Realtors (C.A.R.).

Sales of existing, single-family homes in San Diego County increased 6.2% from April 2024 to May 2024. In a year-over-year comparison, between May 2024 and May 2023, the sales pace was 0.7% higher.

Also, the average existing, single-family detached home in San Diego is selling for more than $1 million. The median sales price in May 2024 was $1,025,000, a small 2.1% decline from $1,047,500 in April 2024. A year ago, in May 2023, the median price for a San Diego home was $935,000, a difference of 9.6% with May 2024.

Statewide, the May 2024 real estate market was a slightly different story.

Higher mortgage rates hampered California home sales, both on a monthly and an annual basis. In addition, the statewide median home price exceeded $900,000 for the second straight month to set another record-high.

May 2024 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 272,410 in May 2024, according to information collected from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2024 if sales maintained the May pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

May 2024’s sales pace dipped 1.1 percent from the revised 275,540 homes sold in April 2024, and were down 6.0 percent from a year ago in May 2023, when a revised 289,860 homes were sold on an annualized basis. The sales pace remained below the 300,000-threshold for the 20th consecutive month and year-to-date home sales were flat.

“California home sales stalled in May as mortgage rates reached the highest level in five months and may have contributed to the slowdown in market activity,” said C.A.R. President Melanie Barker, a Yosemite REALTOR®. “However, a moderation in interest rates in the past couple of weeks and recent improvements in housing inventory could create an opportunity for motivated buyers to reenter the market before the homebuying season peaks.”

The statewide median price set another record high in May 2024, edging up 8.7 percent from $835,280 in May 2023 to $908,040 in May 2024, exceeding the $900,000-benchmark for the second month in a row.

California’s median home price was 0.4 percent higher than April 2024’s $904,210. The year-over-year gain was the 11th straight month of annual price increases for the Golden State. CAR said seasonal factors and tight housing supply conditions are expected to put upward pressure on home prices in the coming months.

Stronger sales of higher-priced properties continued to contribute to solid median price growth in May 2024, especially since million-dollar home sales in California have been rising more rapidly than their more affordable counterparts in the state. Sales in the million-dollar-and-higher market segment rose 15.5 percent year-over-year in May 2024, while sales in the sub-$500,000 segment declined by 12.2 percent. Sales of homes priced above a $1 million now make up 36.6 percent of all sales, the biggest share in the last five years.

California easily boasts the most million-dollar cities where the median home price is above $1 million. New York and New Jersey follow behind California.

California is home to 210 million-dollar cities, more than the next five states combined, and 12 more than a year ago. In San Diego County, 10 cities or communities with typical home values above $1 million include Rancho Santa Fe, Del Mar, Coronado, Solana Beach, Encinitas, Carlsbad, Poway, Bonita, Pala and Bonsall.

“A persistent shortage of homes for sale, particularly in the more affordable market segments, continued to push up California’s median home price to new record highs over the past couple of months,” said C.A.R. Senior Vice President and Chief Economist Jordan Levine. “With mortgage rates coming back down from their recent peaks and market competition heating up, the statewide median price may have more room to grow before the summer ends."

Other key points from C.A.R.’s May 2024 resale housing report include:

• At the regional level, home sales in all major regions continued to soften when compared to their year-ago levels, including -1.0% for Southern California.
  
  
• At the regional level, all major regions registered an increase in their median price from a year ago, including a double-digit price gain of 10.0% for Southern California.
  
  
• The unsold inventory statewide index, which measures the number of months needed to sell the supply of homes on the market at the current sales rate, remained flat at 2.6 months in May 2024, the same number for April and March 2024. In May 2023, the index was 2.1 months.

May 2024 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)

• The unsold inventory index of available existing homes for sale in May 2024 in San Diego County was 2.4 months. The figure was 1.7 months in May 2023. For previous 2024 months, the figures were 2.2 months in April and March, 2.3 months in February and 2.6 months in January. Inventory levels indicate the number of months it would take for the available supply of homes on the market to sell-out given the current rate of sales.
  
  
• Active listings at the state level rose on a year-over year basis for the fourth straight month, and the increase was the largest in 15 months.

With recent economic reports showing some promising signs that inflation could be cooling in a more sustainable fashion for the rest of the year, mortgage rates may moderate in the coming months as the daily fluctuations in yields continue. Further improvement on the supply side could be observed in the California housing market before the end of the home buying season.

• The median number of days it took to sell a California single-family home was 16 days in May 2024 and April 2024, and 17 days in May 2023.
  
  In San Diego, the median number of days it took to sell an existing, single-family home was 12 days in May 2024, a figure that was identical to April and March 2024 and May 2023.
  
  
• C.A.R.’s statewide sales-price-to-list-price ratio was 100% in May 2024, a figure that was identical to April, March and February 2024, as well as May 2023.
  
  
• The 30-year, fixed-mortgage interest rate averaged 7.06 percent in May, up from 6.43 percent in May 2023, according to C.A.R.’s calculations based on Freddie Mac’s weekly mortgage survey data.

The Spring 2024 homebuying season kicked off with an encouraging start for home sales and record-high home prices, according to the latest home sales and price report from the California Association of Realtors (C.A.R.).

The typical California single-family, detached house for sale now costs more than $900,000, a first-time-in-history, record-breaker for the median price. The April 2024 statewide median home price was $904,210, up 5.8% from the March price of $854,490, and up 11.4% from the $811,510 posted in April 2023.

The year-over-year gain was the 10th straight month of annual price increases in the Golden State.

Seasonal factors and tight housing supply conditions will continue to put upward pressure on home prices across the state in the coming months.

Historically speaking, it was roughly two years ago, in March 2022, when the median crossed $800,000 for the first time. Other statewide $100,000 home-price thresholds include $700,000 in August 2020, $600,000 in May 2018, $500,000 in April 2004, $400,000 in August 2003 and $300,000 in March 2002.

In San Diego County, home prices are still moving higher and approaching $1.1 million. The median sales price of an existing, single-family detached home in April 2024 was $1,047,500, a 2.7% difference from March 2024, when the median price was $1,020,000. In February 2024, the median price was $980,000. A year ago, in April 2023, the median price for a San Diego home was $930,000, a difference of 12.6% from April 2024.

April 2024 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

Meanwhile, as prices continue to rise, home sales also are rebounding.

On a statewide basis, the sales pace increased 3% for April 2024, when 275,540 existing, single-family detached homes were sold on a seasonally adjusted annualized rate. The statewide annualized sales figure represents what would be the total number of homes sold during 2024 if sales maintained the April pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The 3% increase is a comparison with the previous month of March 2024, when 267,470 homes were sold. In a year-over-year comparison between April 2024 and April 2023, the sales pace difference was 4.4%. The year-to-date home sales grew 1.6%.

The number of California homebuyers in April 2024 was below 300,000 for the 19th consecutive month. Since 1990, homebuying in the state has averaged 402,000 sales per month.

In San Diego County, sales of existing, single-family homes increased 7.5% in April 2024, compared to March 2024, and 8.8%, compared to April 2023.

“April’s rebound in both home sales and price shows the resilience of California’s housing market and is a signal that buyers and sellers are beginning to adjust to the higher interest rate environment,” said C.A.R. President Melanie Barker, a Yosemite REALTOR®. “Market fundamentals are showing signs of improvement, and competition is on the rise again; homes are selling faster and nearly half the share of homes is selling above asking price, the highest in nine months.”

“While the market performed solidly in April, we don’t expect to see a rapid recovery as long as inflation remains sticky and mortgage rates continue to fluctuate despite recent dips,” said C.A.R. Senior Vice President and Chief Economist Jordan Levine. “However, housing inventory has also started to increase, which will provide much-needed supply to the market and facilitate a higher level of home sales in the second half of the year.”

Sales of homes priced at or above $1 million in California continued to hold up better than their more affordable counterparts in the state during the last few months. Sales in the $1 million-and-higher market segment in April 2024 surged 39.8% year-over-year, while the sub-$500,000 segment declined moderately (-8.0%) during the same timeframe.

The change in the mix of sales of homes priced above $1 million accounted for more than one-third (36.4%) of all sales, which was the largest share in the last five years.  

The growth in sales of higher-priced homes continues to provide upward support to the statewide median price and was partly responsible for the solid increase in the year-over-year growth rate at the start of the second quarter.

Other key points from C.A.R.’s April 2024 resale housing report include:

• April 2024 home sales in all major regions of the state advanced both in month-over-month and year-over-year, including 8.7% in Southern California.
  
  
• At the regional level, all major regions registered an increase in their median price from a year ago, including a double-digit price gain of 12.1%. The San Francisco Bay Area recorded the biggest price jump on a year-over-year basis, increasing 15.5 percent from April 2023.
  
  
• The unsold inventory statewide index, which measures the number of months needed to sell the supply of homes on the market at the current sales rate, remained flat at 2.6 months in April 2024, the same number for March 2024. In April 2023, the index was 2.5 months.
  
  

April 2024 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)

• The unsold inventory index of available existing homes for sales in April 2024 in San Diego County was 2.2 months, a figure that was identical to March 2024. The index was 2.3 months in February 2024 and 2.6 months in January 2024. In April 2023, the index was 1.9 months. Inventory levels indicate the number of months it would take for the available supply of homes on the market to sell out given the current rate of sales.
  
  
• New active listings at the state level in April 2024 increased from a year ago for the fourth consecutive month by double digits as more sellers listed their homes up for sale in time for the spring home buying season. Despite the moderate uptick in housing demand last month, the jump in new housing supply contributed to an improvement in the overall active listings.
  
  
• The median number of days it took to sell a California single-family home was 16 days in April 2024, 19 days in March 2024, and 20 days in April 2023.
  
  
• In San Diego, the median number of days it took to sell an existing, single-family home was 12 days in April 2024, a figure that was identical to March 2024 and April 2023. For the previous 2024 months, the figure was 13 days in February and 21 days in January. The median represents the time when half the homes sell above it and half below it.
  
  
• C.A.R.’s statewide sales-price-to-list-price ratio was 100% in April 2024, a percentage that was identical to March 2024 and February 2024.
  
  
• The 30-year, fixed-mortgage interest rate averaged 6.99 percent in April, up from 6.34 percent in April 2023, according to C.A.R.’s calculations based on Freddie Mac’s weekly mortgage survey data.

While California’s statewide housing market lost momentum in March after lower home sales, the sales pace did not slow down in San Diego County with a jump of more than 15 percent, plus a return to median home prices exceeding $1 million, according to the latest home sales and price report from the California Association of Realtors (C.A.R.).

Statewide, the sales pace for existing, single-family homes fell 7.8 percent from February 2024 to March 2024, and a drop of 4.4 percent from March 2024 to March 2023. March was the first time in three months for statewide home sales to decline on a year-over-year basis.

Also, the statewide sales pace remained below the 300,000-threshold for the 18th consecutive month. On a year-to-date basis, California home sales still exceeded the level experienced in first-quarter 2023 by 0.7 percent, but the gain continued to shrink in March. Year-to-date statewide homes sales were up 0.7 percent.

In contrast, home sales in San Diego increased 15.7 percent in a month-over-month comparison between March 2024 and February 2024. However, in a year-over-year comparison between March 2024 and March 2023, the sales pace was lower, a decrease of 7.1 percent.

Similarly, San Diego home prices kept moving higher. The median sales price of an existing, single-family detached home in March 2024 was $1,020,000, a 4.1 percent difference from February 2024, when the median price was $980,000. A year ago, in March 2023, the median price for a San Diego home was $915,000, a difference of 11.5 percent with March 2024.

March 2023 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

Home prices on a statewide basis also have been higher. The median price of an existing, single-family home in California was $854,490 in March 2024, compared to $806,490 in February 2024, and $793,260 in March 2023.

The year-over-year gain was the ninth straight month of annual price increases for the Golden State. March marked the 11th time in the last 12 months that the median price for an existing single-family home was above $800,000.

Sales of homes priced at or above $1 million dollars in California have been holding up better than their more affordable counterparts in the last few months.

The $1 million-and-higher market segment continued to grow year-over-year in March 2024 by a decent clip (9.9 percent), while the sub-$500,000 segment declined again modestly (-2.4 percent). The change in the mix of sales continued to provide upward support to the statewide median price and was partly responsible for the solid increase in year-over-year growth rate at the end of the first quarter.

“While home sales lost momentum in March, the housing market remains competitive as we’re seeing the statewide median home price reaching the highest level in seven months, and homes selling quicker than last year,” said C.A.R. President Melanie Barker, a Yosemite REALTOR®.  “On the supply side, the market continues to improve with an increasing number of properties being listed on the market as more sellers begin to accept the new normal.”

“With mortgage rates reaching the highest levels since mid-November 2023, the housing market struggled to build on the momentum exhibited in the first two months of this year,” said C.A.R. Senior Vice President and Chief Economist Jordan Levine. ”While sales could be hindered by higher rates in the coming weeks, the uptick in recent months suggests that we could see a bounce back in housing activity when the market digests the latest inflation report.”

Other key points from C.A.R.’s March 2024 resale housing report include:

• Home sales in most major regions of the state declined on a year-over-year basis in March 2024, including 7.8 percent in Southern California.
  
  
• At the regional level, all major regions registered an annual increase in their median price from a year ago, including a double-digit price gain of 11.1 percent in Southern California.
  
  
• Unsold inventory statewide decreased 13.3 percent in March 2024 on a month-over-month basis but increased from March 2023 by 23.8 percent. The index, which measures the number of months needed to sell the supply of homes on the market at the current sales rate, dipped from 3.0 months in February 2024 to 2.6 months in March 2023. The index was 2.1 months in March 2023.
  
  

March 2023 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)

• Active listings at the state level in March 2024 increased on a year-over year basis for the second consecutive month, and the increase was the largest in 13 months. It’s an encouraging sign that housing supply could be heading in the right direction as the market enters the spring home-buying season. However, mortgage rates could reach a four-month-high in coming weeks and rates are expected to remain elevated longer than previously anticipated, which could delay some potential sellers in putting their house up on the market.
  
  
• New active listings at the state level increased from a year ago for the third consecutive month by double digits as more sellers listed their homes on the market ahead of the spring home-buying season. The jump in new housing supply, along with a modest slowdown in housing demand last month, contributed to an improvement in the overall active listings.
  
  
• The median number of days it took to sell a California single-family home was 19 days in March 2024, 22 days in February 2024, 32 days in January 2024 and 24 days in March 2023.
  
  
• In San Diego, the median number of days it took to sell an existing, single-family home was 12 days in March, 13 days in February 2024, 21 days in January 2024 and 15 days in March 2023. The median represents the time when half the homes sell above it and half below it.
  
  
• C.A.R.’s statewide sales-price-to-list-price ratio was 100 percent in March 2024 and February 2024, 98.9 percent in January 2024 and 99.1 percent in  March 2023.
  
  
• The 30-year, fixed-mortgage interest rate averaged 6.82 percent in March, up from 6.54 percent in March 2023, according to C.A.R.’s calculations based on Freddie Mac’s weekly mortgage survey data.

In the wake of emergencies, the real estate industry in California faces unique challenges. Understanding the state's anti-price gouging laws is crucial whether you're a sales agent, broker, or property manager. These laws not only protect consumers during crises but also guide professionals in maintaining ethical standards.

Here's what you need to know: 

The Essence of Price Gouging in Real Estate
Price gouging occurs when prices for housing, rentals, or other essential services are significantly increased to exploit an emergency. For real estate professionals, this typically relates to the pricing of rentals, homes for sale, and emergency lodging. The goal is to prevent undue strain on those affected by disasters, ensuring access to housing remains fair and equitable.

California’s Stance on Price Gouging
California law, specifically Penal Code Section 396, restricts increasing the price of housing and other essential services by more than 10% following an emergency declaration. This applies to sales, rentals, and services across the board, ensuring that real estate professionals are aligned with legal and ethical pricing standards during critical times.

Timing and Application of the Law
These protections activate immediately upon an emergency declaration by federal, state, or local authorities and are initially set for 30 days. For real estate-related services, like reconstruction and cleanup, the period extends to 180 days. Importantly, officials can extend these timeframes to meet ongoing needs, affecting how properties are marketed and managed.

Staying Informed on Declarations
Real estate professionals should closely monitor emergency declarations to comply with legal requirements. This includes staying updated through the Governor's website and local government channels. Awareness of state and local declarations is key to ensuring your practices align with current regulations. The following locations are under price gouging protections.

Who and What Is Covered?
The statute broadly applies to all entities within the real estate sector, including individuals and companies involved in selling, renting, or managing properties. It covers a wide range of necessities, notably including rental housing, hotels, and motels, ensuring that the industry's response to emergencies is comprehensive and compliant.

Addressing Cost Increases and Violations
If your costs increase due to supplier price hikes, the law allows the cost to be factored into pricing, provided it can be justified. However, compliance with the statute is closely monitored, and violations can lead to severe penalties, including fines and criminal charges. Ensuring transparency and fairness in pricing is crucial to avoid legal repercussions.

Role of Real Estate Professionals in Compliance
As gatekeepers of housing and essential services, real estate professionals have a pivotal role in upholding these laws. This involves adhering to pricing regulations and advising clients and the community on their rights and protections. Your guidance can help navigate the complexities of emergencies, ensuring access to housing remains fair and stable.

Conclusion
For real estate professionals in California, understanding and complying with anti-price gouging laws is essential. These regulations ensure that during emergencies, the industry acts with integrity, maintaining fair pricing and access to housing. By staying informed and adhering to these laws, you play a vital role in supporting communities during their most vulnerable times, reinforcing the ethical standards that define the real estate profession.

This link provides useful guidance for identifying if a state of emergency affecting price gouging in rental housing is in effect. Simply locate your rental property's county on the list and note the code (a letter in parentheses) next to it. Then, refer to the explanations at the bottom of the page to understand which price gouging laws apply to your situation

Important Disclosure
Please note that the information provided in this blog post is for general informational purposes only and does not constitute legal advice. Real estate laws and regulations can be complex and subject to change. While we strive to present accurate and up-to-date information, we cannot guarantee the completeness, reliability, or applicability of the content to your specific situation.

As a real estate professional, it's essential to understand your actions' legal implications, especially in emergencies and price-gouging laws. Therefore, we strongly recommend consulting with a qualified attorney or legal expert to obtain advice tailored to your specific circumstances. Doing so will ensure you navigate these challenges with the utmost compliance and integrity, safeguarding your professional practice and the communities you serve.

Despite a recent uptick in mortgage interest rates, California’s housing market continued to demonstrate resiliency in February 2024, reaching sales levels not seen since September 2022, according to the latest home sales and price report from the California Association of Realtors (C.A.R.).

In San Diego County, homes sales and home prices outpaced statewide levels with greater margins.

Sales of existing, single-family homes in San Diego County increased 20.9 percent in a month-over-month comparison between February 2024 and January 2024. In a year-over-year comparison between February 2024 and February 2023, the sales pace also was higher, an increase of 8.1 percent.

Similarly, statewide home sales for February 2024 increased 12.8 percent in a month-over-month comparison and 1.3 percent year-over-year. The monthly sales increase was the second straight month of double-digit gains for California. It was also the second consecutive month of year-over-year gains.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 290,020 in February, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2024 if sales maintained the February pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The statewide sales pace remained below the 300,000 threshold for the 17th consecutive month. While it is likely that sales will stay below this level in the first quarter of 2024, statewide home sales on a year-to-date basis remained positive with an increase of 3.4 percent, suggesting a better spring home-buying season than that experienced last year.

Meanwhile, home prices continued to rise in San Diego County in February 2024.

The median sales price of an existing, single-family detached home in San Diego County in February 2024 was $980,000, a 5.9 percent difference from January 2024, when the median was $925,000. A year ago, in February 2023, the median price for a San Diego County home was $878,000, a difference of 11.6 percent with February 2024.

February 2023 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

Home prices on a statewide basis also increased, but at smaller margins compared to San Diego. The median price of an existing, single-family home in California was $806,490 in February 2024, a 2.2 percent difference with the statewide median price of $789,480 in January 2024. A year ago, in February 2023, the statewide median home price was $735,300, a difference of 9.7 percent with February 2024.

The near-double-digit, year-over-year gain was the eighth straight month of annual price increases for the Golden State. It was the tenth time in the last 11 months that the median price for an existing single-family home was above $800,000.

With mortgage rates on the uptick since the start of the year and concerns about rates staying elevated for at least the first half of 2024, the housing market could struggle to build on the momentum exhibited in the first two months of this year. However, tight inventory conditions should keep the market highly competitive and provide support for prices.

Moreover, sales of homes priced at or above $1 million have been holding up better in the last few months than more affordable options. The high-end market segment continued to grow year-over-year in February by double digits, while the more affordable segment declined again modestly. The mix of sales toward higher priced homes continued to provide support to the statewide median price and was partly responsible for the strong surge year-over-year price growth rate in February.

“Housing supply conditions in California continued to improve in February with new active listings rising more than 10 percent for the second straight month,” said C.A.R. President Melanie Barker, a Yosemite REALTOR®. “This is great news for buyers who have been competing for a dearth of homes for sale, and the momentum will hopefully build further as we enter the spring home buying season.”

“Consumers have been feeling more positive about buying and selling since the beginning of the year, as increases in sales activity and home prices are reflected in the latest improvement in optimism,” said C.A.R. Senior Vice President and Chief Economist Jordan Levine. “While the recent upward movement in interest rates may result in more moderate sales in March, we expect homebuyers on the sidelines to reenter the market as the economy slows and rates begin to trend down again in the second quarter.”

Other key points from C.A.R.’s February 2024 resale housing report include:

• Home sales in all major regions in the state rose in February 2024, including 7.0 percent in Southern California.
  
  
• At the regional level, home prices increased in February 2024 in all major reasons compared to a year ago, including 10.8 percent in Southern California.
  
  
• The unsold inventory statewide index decreased 6.3 percent in February 2024 on a month-over-month basis, dipping by 3.2 percent from February 2023. The index, which measures the number of months needed to sell the supply of homes on the market at the current sales rate, dipped from 3.2 months in January 2024 to 3.0 months in February 2024. The index was 3.1 months in February 2023.
  
  

  February 2023 County Unsold Inventory and Days on Market
  (Regional and condo sales data not seasonally adjusted)

  

• The unsold inventory index of available existing homes for sales in February 2024 in San Diego County was 2.3 months, a figure that was identical to February 2023. The index was 2.6 months in January 2024. Inventory levels indicate the number of months it would take for the available supply of homes on the market to sell-out given the current rate of sales.
  
  
• Existing active listings at the state level increased on a year-over year basis for the first time in 11 months. February’s increase was the largest in 12 months, an encouraging sign that housing supply could be heading in the right direction as the market approaches the spring home-buying season. However, mortgage rates have increased since the start of the year and are expected to remain elevated, which may cause potential sellers to have second thoughts about listing their house for sale.
  
  
• New active listings in February 2024 at the state level increased from a year ago for the second consecutive month by double digits as more sellers listed their homes on the market ahead of the spring home buying season as mortgage rates dipped at the start of the year. The annual listings increase was the largest since May 2022.
  
  
• The median number of days it took to sell a California single-family home was 22 days in February 2024, 32 days in January 2024 and 35 days in February 2023.
  
  
• In San Diego, the median number of days it took to sell an existing, single-family home was 13 days in February 2024, 21.5 days in January 2024 and 19 days in February 2023. The median represents the time when half the homes sell above it and half below it.
  
  
• C.A.R.’s statewide sales-price-to-list-price ratio was 100 percent in February 2024, 98.9 percent in January 2024 and 97.7 percent in February 2023. In 2023, the statewide, sales-price-to-list-price ratio on a monthly basis was at 99 percent in December, 100 percent in November, October, September, August, July, June, May and April, 99.1 percent in March, 97.7 percent in February and 96.5 percent in January.
  
  
• The 30-year, fixed-mortgage interest rate averaged 6.78 percent in February, up from 6.26 percent in February 2023, according to C.A.R.’s calculations based on Freddie Mac’s weekly mortgage survey data.

Katie Johnson NAR's General Council shared an update today regarding the Department of Justice's (DOJ) Statement of Interest in the ongoing lawsuit, Nosalek v. MLS PIN, which scrutinizes the practice of cooperative compensation between listing and buyer brokers.

MLS PIN, not fully owned by REALTOR® associations and not bound by NAR's guidelines, mandates that listing brokers offer compensation to buyer brokers. The DOJ challenges this tradition, suggesting that listing brokers and sellers should not offer compensation to buyer brokers, aiming to change longstanding practices in real estate transactions in the U.S.

Johnson argues that the DOJ's stance could harm consumers by making it more expensive for buyers to obtain representation and limit access to housing, noting the DOJ's lack of new analysis to back its claims. She emphasizes that such DOJ interventions overlook the potential negative impacts on homebuyers, including those buying for the first time or belonging to minority groups, and could disrupt the housing market.

Despite these challenges, NAR remains committed to defending free market competition and ensuring fair home ownership access. Johnson urges members to fully understand the DOJ's position, highlighting its implications for cooperative compensation practices and the broader real estate market. She asserts NAR's dedication to navigating these issues, aiming for outcomes that support property owners and real estate professionals across America.

Hee entire update may be found on the Realtor Hub Here.

Read the DOJ,'s Statement of Interest Here

Lower mortgage rates at the beginning of this year failed to spark home sales across San Diego County in January 2024, according to the latest home sales and price report from the California Association of Realtors (C.A.R.).

Sales of existing, single-family homes in San Diego County declined 0.9 percent in a month-over-month comparison between December 2023 and January 2024. In a year-over-year comparison between January 2024 and January 2023, the sales pace was unchanged, a difference of 0.0 percent.

In contrast, statewide home sales for January 2024 increased 14.4 percent in a month-over-month comparison and 5.9 percent year-over-year. It was the highest level for statewide existing home sales in six months.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 256,160 in January 2024, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2024 if sales maintained the January pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

While the increase in January 2024 was the first year-over-year sales gain in 31 months, the sales pace stayed below the 300,000-unit threshold for the 16th straight month and will likely stay below that level in the first quarter of 2024. With interest rates moderating sharply at the end of 2023 and leveling off nearly 100 basis points below the most recent peak, home sales should continue to grow year-over-year in February, but the improvement will be modest.

Meanwhile, home prices continued to rise in San Diego County in January 2024. The median sales price of an existing, single-family detached home in San Diego County in January 2024 was $925,000, a 1.5 percent difference from December 2023, when the median price was $911,500. A year ago, in January 2023, the median home sales price was $824,900, a difference of 12.1 percent with January 2024.

January 2023 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

However, in contrast, on a statewide basis, home prices declined in month-over-month and year-over-year comparisons. The median price of an existing, single-family home in California was $788,940 in January 2024, a 3.8 percent drop from the $819,740 figure in December 2023. A year ago, in January 2023, the statewide median home price was $751,700, a difference of 5.0 percent with January 2024.

It was the seventh straight month for annual price gains on a statewide basis. The monthly price decline was due primarily to seasonal factors, and the January figure marked the first time in ten months that the median price dropped below the $800,000 benchmark. With mortgage rates softening since mid-October, home prices will likely maintain their upward momentum, and the market should continue to observe a mid- to single-digit, year-over-year growth rate in California’s median price in at least the early part of 2024.

“It’s encouraging to see California’s housing market kick off the year with positive sales growth in January,” said C.A.R. President Melanie Barker, a Yosemite REALTOR®. “While we’ll likely experience some ups and downs in home sales in the coming months as rates continue to fluctuate, the lending environment is expected to be more favorable in 2024, so the market should see more pent-up demand translate into sales.”

“The increase in new active listings for the first time in 19 months was great news for the California housing market,” said C.A.R. Senior Vice President and Chief Economist Jordan Levine. “With rates climbing back up to a two-month high earlier this week due to the latest inflation concerns, potential home sellers could hit the pause button on listing their house on the market and wait until rates begin to ease again. In general, rates are expected to decline later this year, and available inventory should slowly improve throughout 2024.”    

Other key points from C.A.R.’s January 2024 resale housing report include:

• Home sales in all major regions in the state rose in January 2024 on a year-over-year basis, including 2.2 percent in Southern California.
  
  
• At the regional level, home prices increased in January 2024 in all major regions from a year ago in January 2023, including 7.0 percent in Southern California
  
  
• Unsold inventory statewide index increased 28 percent on a month-over-month basis and declined by 8.6 percent from January 2023. The index, which measures the number of months needed to sell the supply of homes on the market at the current sales rate declined from 2.5 months in December 2023, to 3.2 months in January 2024. The index was 3.5 months in January 2023.

January 2023 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)

• In San Diego County in January 2024, the inventory of available homes for sale was 2.6 months, compared to 2.2 months in December 2023, and 2.7 months a year ago in January 2023. Other unsold inventory figures on a monthly basis in 2023 for San Diego County included 2.5 months in November and September, 1.9 months in August, 2.0 months in July, 2.0 months in June, 1.7 months in May, 1.9 months in April, 1.7 months in March, 2.3 months in February and 2.7 months in January. Inventory levels indicate the number of months it would take for the available supply of homes on the market to sell-out given the current rate of sales.

•  Existing active listings at the state level dipped again on a year-over-year basis for the 10th straight month in January 2024. However, the decline was small, a sign that active listings might be heading in the right direction as the market approaches the spring home-buying season. Still, the recent jump in mortgage rates the past couple of weeks could cause potential sellers to reconsider listing their homes for sale.
  
  
•  New active listings at the state level increased from a year ago for the first time in 19 months, and the annual increase was the largest since May 2022. The jump in new active listings contributed to an improvement in overall active listings, and the sharp drop in rates at the end of 2023 was likely the motivating factor that convinced more homeowners to sell their homes.
  
  
• The median number of days it took to sell a California single-family home was 32 days in January 2024, 26 days in December 2023, and 39 days in January 2023.
  
  
• In San Diego, the median number of days it took to sell an existing, single-family home was 21.5 days in January 2024, compared to 18 days in December 2023, and 32 days in January 2023. Other median-time-on-the-market figures on a monthly basis for San Diego in 2023 include 15 days in November, 14 days in October and September, 13 days in August, 12 days in July, 11 days in June, 12 days in May and April, 15 days in March and 17 days in February. The median represents the time when half the homes sell above it and half below it.
  
  
• C.A.R.’s statewide sales-price-to-list-price ratio was 98.9 percent in January 2024, 99 percent in December 2023 and 96.5 percent in January 2023.The statewide, sales-price-to-list-price ratio on a monthly basis in 2023 was at 100 percent in November, October, September, August, July, June, May and April, 99.1 percent in March, 97.7 percent in February and 96.5 percent in January. The sales-to-list-price ratio is an indicator that reflects the negotiation power of home buyers and home sellers under current market conditions. The ratio is calculated by dividing the final sales price of a property by its last list price and is expressed as a percentage. A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, and a ratio below 100 percent indicates that the price sold below the asking price.
  
  
• The 30-year, fixed-mortgage interest rate averaged 6.64 percent in January, up from 6.27 percent in January 2023, according to C.A.R.’s calculations based on Freddie Mac’s weekly mortgage survey data.

Mirroring a statewide trend, both home prices and home sales declined across San Diego County in December 2023, according to the latest home sales and price report from the California Association of Realtors (C.A.R.).

The median sales price of an existing single-family detached home in San Diego County in December 2023 was $911,500, which was a 4.3 percent difference from November 2023, when the median price was $952,000. A year ago, in December 2022, the median home sales price was $850,000, a difference of 7.2 percent with December 2023.

December 2023 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

Also, in December 2023, sales of existing, single-family homes in San Diego County declined by 5.1 percent in a month-over-month comparison with November 2023. In a year-over-year comparison between December 2023 and December 2022, the sales pace was 17.3 percent lower.

Statewide, the numbers for home sales and home prices in December 2023 showed a stagnant California housing market.

For the 2023 year as a whole, the state recorded an annual sales level of 257,630 for 2023, a decline of 24.8 percent from the revised sales level of 342,530 reported at the end of 2022. The annual sales decline comparing 2023 with 2022 was the steepest decline in existing home sales in California since 2007.

Statewide, December 2023 home sales remained near the 16-year low reached in November 2023.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 224,000 in December 2023, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2023 if sales maintained the December 2023 pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The December 2023 sales pace was essentially unchanged from the revised 223,940 homes sold in November 2023 and was down 7.1 percent from a year ago in December 2022, when a revised 241,070 homes were sold on an annualized basis.

Sales of existing single-family homes in California have been below the 300,000 threshold since September 2022, and will likely stay below that level throughout the first quarter of 2024.

While the deceleration in the year-over-year loss was due primarily to the low level of pending sales recorded a year ago, the slowdown could be a sign that the market is turning the corner, especially since rates in the past couple of weeks have remained well-below the recent peak recorded in late October 2023.

Statewide, the median price of an existing single-family home was $819,740 in December 2023, down slightly by 0.3 percent from $822,200 in November 2023, but above the $770,490 price, a difference of 6.4 percent, posted in December 2022. It was the largest year-over-year gain since May 2022.

With mortgage rates softening since mid-October, home prices will likely maintain their upward momentum, and the market should continue to observe a mid- to single-digit, year-over-year growth rate in California’s median price during the early part of 2024.

For the 2023 year, California’s median home price slipped 0.6 percent to $813,980 from 2022’s $818,900 figure, but it is expected to climb to $860,300 in 2024.

“The housing market had a tough year in 2023 as a shortage of homes for sale and high costs of borrowing continued to have a negative impact on housing inventory and demand,” said 2024 C.A.R. President Melanie Barker, a Yosemite REALTOR®. “With mortgage rates expected to come down in the next 12 months, home sales will bounce back as buyers and sellers return to a more favorable housing market. Home prices should see a moderate increase in 2024 as well.”

“Easing inflationary pressure and a soft economic outlook suggest that we will see some interest rate cuts in the upcoming year, which bode well for a housing market recovery,” said C.A.R. Senior Vice President and Chief Economist Jordan Levine. “With rates declining to a 7-month low in late 2023, Americans are feeling more positive about the market, and we could begin to see some increase in market activity at the start of the year. The improvement is expected to be gradual as tight housing supply will remain the norm in 2024.”  

• Home sales in all major regions in the state dipped in December 2023 on a year-over-year basis, including 6.2 percent in Southern California.
   
• At the regional level, home prices increased in December 2023 in all major regions from a year ago in December 2022, including 6.3 percent in Southern California.
  
  
• The unsold inventory statewide decreased 16.7 percent on a month-over-month basis and dipped slightly from December 2022 by -3.8 percent. The index, which measures the number of months needed to sell the supply of homes on the market at the current sales rate declined from 3.0 months in November to 2.5 months in December. The index was 2.6 months in December 2022.
  

December 2023 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)

• In San Diego County in December 2023, the inventory of available homes for sale was 2.2 months, compared to 2.5 months in November 2023 and 2.2 months in December 2022. Other unsold inventory figures on a monthly basis in 2023 for San Diego County included 2.5 months in November and September, 1.9 months in August, 2.0 months in July, 2.0 months in June, 1.7 months in May, 1.9 months in April, 1.7 months in March, 2.3 months in February and 2.7 months in January. Inventory levels indicate the number of months it would take for the available supply of homes on the market to sell-out given the current rate of sales.
  
  
• New active listings at the state level dipped again from a year ago for the 18th consecutive month, but the annual decline remained below 3 percent for the second month in a row. With mortgage rates dropping at the end of 2023, sliding back to the lowest level since early August, the market could see a slight uptick in the number of for-sale properties being listed for sale, as we kick-off the New Year.
  
  
• The median number of days it took to sell a California single-family home was 26 days in December 2023, 21 days in November 2023 and 33 days in December 2022.
  
  
• In San Diego, the median number of days it took to sell an existing, single-family home was 18 days in December 2023, compared to 15 days in November 2023 and 23 days in December 2022. Other median-time-on-the-market figures on a monthly basis for San Diego in 2023 include 14 days in October and September, 13 days in August, 12 days in July, 11 days in June, 12 days in May and April, 15 days in March, 17 days in February and 26 days in January. The median represents the time when half the homes sell above it and half below it.
  
  
• C.A.R.’s statewide sales-price-to-list-price ratio was 99 percent in December 2023 and 96.1 percent in December 2022.
  
  
• The statewide, sales-price-to-list-price ratio on a monthly basis in 2023 was at 100 percent in November, October, September, August, July, June, May and April, 99.1 percent in March, 97.7 percent in February and 96.5 percent in January. The sales-to-list-price ratio is an indicator that reflects the negotiation power of home buyers and home sellers under current market conditions. The ratio is calculated by dividing the final sales price of a property by its last list price and is expressed as a percentage. A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, and a ratio below 100 percent indicates that the price sold below the asking price.
  
  
• The 30-year, fixed-mortgage interest rate averaged 6.82 percent in December, up from 6.36 percent in December 2022, according to C.A.R.’s calculations based on Freddie Mac’s weekly mortgage survey data.

California home sales in November 2023 registered the biggest monthly decline in the past year and dropped to the lowest level since the Great Recession, 16 years ago, according to the latest home sales and price report from the California Association of Realtors (C.A.R.).  Elevated borrowing costs were blamed for the low home sales statewide.

In San Diego County, sales of existing, single-family homes in November 2023 decreased by 16.9 percent in a month-over-month comparison with October 2023. The sales pace was 12.2 percent lower in a year-over-year comparison with November 2022.

Also, in San Diego County in November 2023, the median home sales price for an existing, single-family detached home was $952,000, which was a 1.7 percent difference from October 2023, when the median price was $936,250. A year ago, in November 2022, the median home sales price $865,000, a difference of 10.1 percent with November 2023.

November 2023 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

Statewide, the numbers for home sales and home prices in November 2023 showed a suppressed California housing market.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 223,940 homes sold in November 2023, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2023 if sales maintained the November pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The statewide sales pace in November 2023 was down 7.4 percent on a monthly basis compared to October 2023, when 241,770 homes were sold, and down 5.8 percent from a year ago in November 2022, when a revised 237,730 homes were sold on an annualized basis.

Sales of existing single-family homes in California remained below the 250,000-unit pace for the third consecutive month. The annual decline was the 29th straight drop, but the decline was the smallest in the last 20 months.

Year-to-date statewide home sales were down 25.9 percent in November 2023.

Median home prices on a statewide basis took at step backwards in November 2023, compared to the previous month, but rose in a year-over-year comparison for the fifth straight month. The year-over-year price gain was the largest in 18 months.

California’s statewide median price decreased 2.2 percent from October’s $840,360 to $822,200 in November 2023, and rose 6.2 percent from a revised $774,150 recorded a year ago in November 2022. The median represents a price where half of the total number of homes sold above it and half below.

The statewide monthly price decline was the largest in 10 months but was smaller than the October-to-November average price adjustment of minus 2.5 percent observed over the past five years.

“Elevated mortgage interest rates and a persistent shortage of homes for sale hindered home sales in November,” said 2024 C.A.R. President Melanie Barker, a Yosemite REALTOR®. “With mortgage rates dropping to the lowest level in four months in recent weeks and the Federal Reserve indicating it plans to cut rates more than previously anticipated in 2024, more prospective homebuyers could reenter the market early next year.”

“While sales have been weak for the past several months, a tight supply of homes for sale is keeping home prices from falling,” said C.A.R. Senior Vice President and Chief Economist Jordan Levine. “Going into 2024, the recent decline in mortgage rates, along with the upward momentum in home prices, could motivate more would-be sellers to list their homes for sale in the spring home-buying season.”

Other key points from C.A.R.’s November 2023 resale housing report include:

• At the regional level for Southern California, year-over-year sales declined in November 2023 by 5.6 percent. In October 2023, the figure was 7.4 percent.
  
  
• At the regional level for Southern California, median home prices in November 2023 increased from a year ago by 9.9 percent. It was the biggest year-over-year gain of any the statewide regions tracked by C.A.R. In October 2023, the increase was 6.5 percent.
  
  
• Housing inventory improved in November 2023, compared to October 2023. However, the improvement was due mostly to the sales decline rather than an increase in active listings.
  
  
• The statewide unsold inventory index, which measures the number of months needed to sell the supply of homes on the market at the current sales rate, increased 11.1 percent in November 2023 on a month-over-month basis to 3.0 months, compared to October 2023 at 2.7 months, but fell below last year’s level by 6.3 percent to 3.2 months in November 2022.
  
  
• In San Diego County in November 2023, the inventory of available inventory of homes for sale was 2.5 months, compared to 2.3 months in October 2023 and 2.9 months in November 2022. Other unsold inventory figures on a monthly basis in 2023 in San Diego included 2.5 months in September, 1.9 months in August, 2.0 months in July, 2.0 months in June, 1.7 months in May, 1.9 months in April, 1.7 months in March, 2.3 months in February and 2.7 months in January. Inventory levels indicate the number of months it would take for the available supply of homes on the market to sell-out given the current rate of sales.

November 2023 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)

• Active listings at the state level dipped again in November 2023 on a year-over year basis for the eighth straight month. The decline in each of the last seven months all registered more than 10 percent year-over-year.

• The median number of days it took to sell a California single-family home was 21 days in November 2023 and 29 days in November 2022.
  
  
• In San Diego, the median number of days it took to sell an existing, single-family home was 15 days in November 2023, compared to 14 days in October 2023 and 22 days in November 2022. Other median-time-on-the-market figures on a monthly basis for San Diego in 2023 include 14 days in September, 13 days in August, 12 days in July, 11 days in June, 12 days in May and April, 15 days in March, 17 days in February and 26 days in January. The median represents a time when half the homes sell above it and half below it.
  
  
• C.A.R.’s statewide sales-price-to-list-price ratio was 100 percent in November 2023 and 96.7 percent in November 2022.
  
  
• The statewide, sales-price-to-list-price ratio on a monthly basis in 2023 was at 100 percent in November, October, September, August, July, June, May and April, 99.1 percent in March, 97.7 percent in February and 96.5 percent in January. A year ago, in November 2022, the ratio was 96.7 percent. The sales-to-list-price ratio is an indicator that reflects the negotiation power of home buyers and home sellers under current market conditions. The ratio is calculated by dividing the final sales price of a property by its last list price and is expressed as a percentage. A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, and a ratio below 100 percent indicates that the price sold below the asking price.
  
  
• The 30-year, fixed-mortgage interest rate averaged 7.44 percent in November 2023, up from 6.81 percent in November 2022, according to C.A.R.’s calculations based on Freddie Mac’s weekly mortgage survey data.