San Diego Real Estate Market Update - July 2026

Lower inventory and higher prices are putting the squeeze on summertime buying activity. Stick around for our month-over-month San Diego County real estate market update. Let's check out what's happened over the past few weeks, and then we'll zoom out to look at long-term trends. All right, here's what happened between May and June. Yes, looking at the month-over-month numbers here, we see that there has been a 3% decline 5.2% decline in pending sales. We're up 5.9% with closed sales. Days on market are up 9.1%. Median price up 2.7% from May to June. And the number of homes for sale overall up just 1.4%. All right, let's dig into the details by looking at some long-term charts. Yes. And let's get started with new listings and closed sales. Yes, so we can see that the number of new listings in June of this year was a good deal less than last year and less than the year before. And you can see that here. Less new listings, less closed sales than last summer, more than the summer before that. And of course, going back to the summer of 23 that nobody wants to think about. We're not quite in that territory. However, it is interesting, even with less inventory, we don't see, well, we do see upward pressure on pricing, but we're not seeing any additional pending sales. Well, it's not uncommon to have a bit of a midsummer slump and then a bit of a rebound heading into fall, as you can see from the charts from previous years. Hopefully, we'll get a little bit of a rebound for folks that want to get out there and buy and sell this summer. Right. It's just, I guess we're going to talk about median price in a minute, so I'll lay off of that for now. It's just a little different this summer than last so far. Are you ready to talk about median price? Yes. All right, let's do it. So, yeah, median price from May to June went up this year by 2.7%. Last year, it was like half a percent between May and June. That is basically a function of less inventory on the market, just creating a little more upward pressure on pricing. Supply and demand. Yes, exactly. Supply and demand. However, with a median home price over a million dollars for sellers, that 2.7% is big money. And that's for detached homes. Detached homes, yeah. Of course, not exactly the same for attached, but those are still up from last year. All right, I think the next slide is inventory. Yes, inventory of homes for sale. Okay, yeah. Well, here we are again. The typical climbing up of inventory from the beginning of the year through the summer, only this year we're not, at least not now, looking like we're hitting that same high level of inventory. Last year, we had both a high level of inventory relative to previous years, recent previous years, not relative to history. When you look at the history, you can see that inventory has been much higher in the past. However, this year, or last summer, we had high inventory and even higher interest rates than we have now. So things are overall a little better, I'd say, for buyers or for sellers. This summer than last, and for buyers, I guess kind of the same. You got lower interest rates, but prices are up a little bit. So I'd say on balance, it's kind of a wash. Yes, a wash. All right, are we ready to talk about interest rates? Let's do it. All right, here we go. Okay, nobody's excited to talk about interest rates, but they are lower now than they were last summer. Yes, that's true. All right, here we go with the most recent Freddie Mac chart for mortgage rates. Yes, so seven-day average, 6.49. We're actually going up today due to some renewed global tensions. Yes, inflation concerns, 10-year treasuries are up. Yeah, a lot of upward pressure on rates today, although the seven-day average, 6.49 for the week ending July 9th. Or, yeah, week ending Thursday, July 9th. That's today. But if we go back here to, where is it? July 10th last year, we were at 6.72. That was even worse. Yeah, so we're nearly a quarter point down, which is a reasonably good chunk of money per month for a buyer. So the conditions are a little bit better for buyers payment-wise or interest rate-wise. But again, we have that up in 2.7% median price. Of course, that's across the entire county. This is all very zip code and neighborhood dependent as far as... There's some better bargains in some neighborhoods than others. Yeah, and there's actually some decent bargains here in our neck of the woods right now. North County Inland seems to be experiencing a little more inventory where some zip codes are less, but... A little more negotiating power for buyers. Potentially, yes. But still, rates are in the mid-sixes versus the high-sixes. So overall, long-term, a little bit better. All right. Okay. Any other questions or comments or thoughts for today? I mean, we're seeing... I mean, I've been saying it, we've been saying it all spring and summer that we're kind of seeing a very similar pattern to what we've been seeing the last two years with some minor variation, but not a whole lot different. And I would almost go as far as to say a stagnant real estate market. People are still out there buying and selling. It's not a very robust summer, but there's still stuff happening. Well, yeah, there's basically the same number of people buying as there were last summer, the summer before that, and the summer before that. So demand is absolutely stagnant, and then we're just fluctuating a bit with supply with regard to median price. So I mean, it's as good a time to put a home on the market now as it ever was. So that's good news for sellers. If I had a home to put on the market, I'd probably do it now before the usual pattern of kind of sliding prices into the fall. Yeah, that's very true. So yeah, that's all I have to say about that. All right, well, we'll keep an eye on things for you. We'll be back next month with another update. We hope you enjoyed this video. If you did, please like, share, subscribe, and comment, and we'll see you next time. See you later, folks.