San Diego County Housing Report: Sitting Tight, May 13, 2025
George Lorimer at 619-846-1244
Your Home Sold Guaranteed or I'll Buy It!*
Since the Great Recession, significantly fewer homeowners have been selling their homes, and the higher mortgage rates have further slowed the number of sales.
A Low Turnover. The slow pace of home sales has contributed to more homeowners remaining in their homes long-term.
What's My Home Worth?
The days are getting longer. The temperatures are rising. Memorial Day, the unofficial start to Summer, is only two weeks away. Soon, everyone will be flocking to the water to cool off. From the community pool to the crashing waves at the beach, crowds will escape the heat and enjoy splashing around. Yet, many will forget to reapply sunscreen. It is not until arriving home and gazing in the mirror that most people realize they have a lobster red sunburn from head to toe. For weeks and even years, that sunburn becomes a compelling reminder to reapply sunscreen.
Similarly, homeowners nationwide watched the housing market take a severe pounding during the Great Recession as home values plunged and everyone’s equity vanished in the blink of an eye. So many lost their homes to foreclosures or short sales. Nearly everyone was either personally stung by the correction or knew of somebody who was. As a direct result, fewer homeowners sell their homes yearly, and the high mortgage rate has exacerbated the issue further.
Download Charts
From 2003 to 2006, before the Great Recession, there was an average of 6.63 million residential resales. From 2012 through 2019, resales dropped to an average of 5.20 million during the recovery and expansion period, or 22% lower. That has been the story ever since the pain of the Great Recession, fewer homeowners have participated in the housing market. Homeowners remain in their homes for a lot longer. They are sitting tight. In 2023 and 2024, due to much higher mortgage rates, even fewer homeowners placed their homes on the market, and buyer demand weakened seemingly overnight. Average residential resales dropped to 4.08 million, a substantial 38% lower than before the Great Financial Crisis, and 22% below the recovery and expansion of the last decade.
There are simply far fewer homes being exchanged across the country and locally. This more than a decade-long trend is now the norm and has deepened with higher rates. Based on 2024 closed sales, the turnover rate for San Diego County’s housing stock is once every 31 years. Astonishingly, only 3.2% of all homeowners sold their homes last year. The turnover rate is once every 33 years for all of Southern California.
ProWest Properties, DRE# 01146839, *Conditions apply.
George Lorimer at 619-846-1244
Your Home Sold Guaranteed or I'll Buy It!*
Since the Great Recession, significantly fewer homeowners have been selling their homes, and the higher mortgage rates have further slowed the number of sales.
A Low Turnover. The slow pace of home sales has contributed to more homeowners remaining in their homes long-term.
What's My Home Worth?
The days are getting longer. The temperatures are rising. Memorial Day, the unofficial start to Summer, is only two weeks away. Soon, everyone will be flocking to the water to cool off. From the community pool to the crashing waves at the beach, crowds will escape the heat and enjoy splashing around. Yet, many will forget to reapply sunscreen. It is not until arriving home and gazing in the mirror that most people realize they have a lobster red sunburn from head to toe. For weeks and even years, that sunburn becomes a compelling reminder to reapply sunscreen.
Similarly, homeowners nationwide watched the housing market take a severe pounding during the Great Recession as home values plunged and everyone’s equity vanished in the blink of an eye. So many lost their homes to foreclosures or short sales. Nearly everyone was either personally stung by the correction or knew of somebody who was. As a direct result, fewer homeowners sell their homes yearly, and the high mortgage rate has exacerbated the issue further.
Download Charts
From 2003 to 2006, before the Great Recession, there was an average of 6.63 million residential resales. From 2012 through 2019, resales dropped to an average of 5.20 million during the recovery and expansion period, or 22% lower. That has been the story ever since the pain of the Great Recession, fewer homeowners have participated in the housing market. Homeowners remain in their homes for a lot longer. They are sitting tight. In 2023 and 2024, due to much higher mortgage rates, even fewer homeowners placed their homes on the market, and buyer demand weakened seemingly overnight. Average residential resales dropped to 4.08 million, a substantial 38% lower than before the Great Financial Crisis, and 22% below the recovery and expansion of the last decade.
There are simply far fewer homes being exchanged across the country and locally. This more than a decade-long trend is now the norm and has deepened with higher rates. Based on 2024 closed sales, the turnover rate for San Diego County’s housing stock is once every 31 years. Astonishingly, only 3.2% of all homeowners sold their homes last year. The turnover rate is once every 33 years for all of Southern California.
ProWest Properties, DRE# 01146839, *Conditions apply.
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