May 2020 Market Review

San Diego Market StatsWhile the effects of COVID-19 in the broader economy continue, real estate activity is beginning to recover across much of the country. According to Freddie Mac, mortgage rates have been below 3.3 percent for more than four weeks and are hovering near all-time lows, spurring strong interest by buyers and lifting showing activity up 4% nationally versus a year ago in the final week of May.

Closed Sales decreased 44.5 percent for Detached homes and 49.8 percent for Attached homes. Pending Sales decreased 7.5 percent for Detached homes and 8.3 percent for Attached homes. Inventory decreased 41.9 percent for Detached homes and 21.6 percent for Attached homes.

The Median Sales Price was up 1.2 percent to $662,675 for Detached homes and 1.2 percent to $435,000 for Attached homes. Days on Market decreased 17.2 percent for Detached homes and 18.5 percent for Attached homes. Supply decreased 39.3 percent for Detached homes and 24.0 percent for Attached homes.

Buyers have been quicker to return to the housing market in force than sellers, who have been showing a bit more reluctance to list their homes than is typical for this time of year. But trends are improving and as states and localities continue to moderate their COVID-19 policies, real estate activity is expected to continue to improve in the coming weeks.

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