San Diego home prices flat for the first time in 2 years

For the first time in almost two years, San Diego home prices didn’t increase.

The median home price in San Diego County was $900,000 in April, flat year-over-year, said Attom Data Solutions. The last time the median, a combination of all closed sales of single-family houses, townhouses and condos, didn’t go up was May 2023 when prices were down 1.64%.

Homes were taking longer to sell in April, increasing inventory and sales, albeit still under historical averages. There were 2,623 San Diego County home sales in April, a 14.1% increase from the previous year.

Economist Chris Thornberg said buyers aren’t jumping into bidding wars because of unease about the economy, from tariffs to stock market swings. Thornburg said buyers must consider if they think they can stay employed for the next 30 years for the life of a mortgage.

“They are looking at this big monthly payment,” he said. “Do you blame them for waiting?”

Thornberg said not to expect a buyers’ market any time soon because San Diego County is not building much for-sale housing, making ownership of a home more valuable in the long run. There were 50 active developments in March across San Diego County, a mix of single-family homes, townhouses and condos, said market researcher Zonda, the lowest number in records going back a decade.

Home shoppers at least have more options than they did a few years ago. There were about 5,760 homes for sale in April, said the Redfin Data Center, up from 4,190 at the same time last year. The number of listings has continued to increase, hitting 6,377 by early June — its highest point in at least four years.

San Diego County homes are taking longer to sell, with the median time on market in April around 20 days. It might not sound like much, but that’s the longest time to sell in years. It took a median 15 days to sell a home at this time last year, 14 days in 2023 and eight in 2022.

Jan Ryan, a real estate agent in Ramona, said homes that are priced higher than the median seemed to be sitting longer. While sales have increased, it still leaves a lot left unsold on the market.

“There’s just a lot of competition,” she said of increased listings.

Ryan said pricing under the median seems to be having some success. She said she listed a 1,660-square-foot single-family home for sale in Ramona in April for $779,000. Ryan said it got five offers, four over asking price, over 15 days and sold for $800,000.

The average interest rate for a 30-year, fixed rate loan was 6.81% in the last week of April, said Freddie Mac. Assuming 20% down, that would would make for a monthly payment of more than $5,000.

Mark Goldman, a real estate analyst with C2 Financial Corp., said the monthly cost for your average homebuyer is still substantial and it could affect how much sellers can ask.

“The bottom line is there are still more buyers than sellers,” he said, “but the question is at what price?”

There could be some tax relief for shoppers considering a purchase. A large tax and spending bill working its way through Congress would lower taxes for many San Diego County homeowners. The One Big Beautiful Bill would raise the amount a homeowner can deduct in state and local tax, or SALT, deduction to $40,000 from $10,000.

Attom said the median sale price, the point at which half the homes sold for more and half for less, was $990,625 for single-family homes, down 2.9% in a year. Condos and townhouses were flat annually for a median of $695,000.

Here’s a look at median prices across the region:

Los Angeles County: Down 1.1% monthly for a median of $890,000; Flat year-over-year.

Orange County: Down 0.8% in a month to a median of $1.2 million; Up 0.4% annually.

Riverside County: Up 1.2% monthly to a median of $608,000; Up 0.5% in a year.

San Bernardino County: Up 0.6% in a month to a median of $530,000; Up 1.9% annually.

San Diego County: Flat monthly for a median of $900,000; Flat year-over-year.

Ventura County: Up 1.3% monthly to a median of $875,000; Up 4.2% annually.