Lowest mortgage rates in 10 months, spike in buyer demand

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San Diego County Housing Summary
 

• INVENTORY: The active listing inventory over the past couple of weeks decreased by 45 homes, down 1%, and now stands at 6,365. Last year, there were 4,459 homes on the market, 1,906 fewer homes, or 30% less. The 3-year average before COVID (2017-2019) was 7,083, which is 11% higher. From January through July, 25% fewer homes came on the market compared to the 3-year average before COVID (2017-2019), 8,289 less. Yet, 3,671 more sellers came on the market this year than last, and 7,654 more compared to 2023.
   
• DEMAND: Buyer demand, the number of pending sales over the prior month, rose from 1,840 to 1,849, up nine pending sales, or nearly unchanged. Last year, there were 1,801 pending sales, 3% less. The 3-year average before COVID (2017-2019) was 3,271, which is 77% higher.
   
• MARKET TIME: With supply falling and demand nearly unchanged, the Expected Market Time, the number of days to sell all San Diego County listings at the current buying pace, decreased from 105 to 103 days in the past couple of weeks. Last year, it was 74 days, substantially faster than today. The 3-year average before COVID (2017-2019) was 66 days, which is also significantly faster than today.
   
• LUXURY: In the past two weeks, the Expected Market Time for homes priced between $2 million and $4 million decreased from 152 to 128 days. For homes priced between $4 million and $6 million, the Expected Market Time decreased from 236 to 197 days. For homes priced above $6 million, the Expected Market Time increased from 418 to 438 days.
   
• DISTRESSED HOMES: Short sales and foreclosures combined, comprised only 0.5% of all listings and 0.9% of demand. Only eight foreclosures and 27 short sales are available today in San Diego County, with a total of 35 distressed homes on the active market, up 8 from two weeks ago. Last year, 11 distressed homes were on the market, similar to today.
   
• CLOSED SALES: There were 2,009 closed residential resales in June, up 1% compared to June 2024’s 1,996 and down 4% from May 2025. The sales-to-list price ratio was 98.8% for San Diego County. Foreclosures accounted for 0.1% of all closed sales, and short sales accounted for 0.3% of all closed sales. That means that 99.6% of all sales were sellers with equity.

 
Steven Thomas
Quantitative Economics and Decision Sciences
 
Copyright 2025—Steven Thomas, Reports On Housing—All Rights Reserved. This report may not be reproduced in whole or in part without express written permission from the author.

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