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Sunday, Feb 25, 2024
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Home Prices Rose Slightly in December Amid Uncertain Outlook

San Diego County home prices more or less stabilized in December following a roller coaster ride throughout 2022 with an uncertain outlook for 2023 due to rising interest rates and inflation.

“We obviously saw 2022 wasn’t that fun,” said Frank Powell, president of the Greater San Diego Association of Realtors.

“The one that hit us the most was interest rates that doubled within a six-week period,” Powell said. “We’re not quite looking at the light at the end of the tunnel yet.”

The median price of a single-family home at the end of December was $869,900, a 2.3% increase over November but well below the peak earlier this year when the median price was approaching $1 million, according to the association.

The median price of condominiums and other attached housing dropped slightly in December to $585,000, a 0.8% decrease from November, according to the association.

A year ago, the median price for a single-family home was $850,000 and the median price of condominiums and other attached housing was $590,000.

Pending home sales and completed sales were down significantly in December 2022 with homes taking longer to sell than they did a year ago.

“What we’re seeing now is even sellers are waiting because typically, when someone sells a house, they have to buy something,” Powell said. “We’re probably gong to see some people sitting in their house until the economy gets better.”

Although the San Diego County housing market has definitely slowed, Powell said that homes are still selling, and the market is far from the dramatic downturn of 2008 when the market was flooded with foreclosed property.

“I went through the 2008 crash,” Powell said, calling it “an historical debacle of bad loans, fraud, bankers having too much liability and having to dump vast amounts of housing at the same time.”

“If it’s priced right, you’re still getting a pretty quick sale,” Powell said. “The best selling, quickest sales are $1 million to $1.25 million.”

Train and Learn

Co-founder and owner of Powell Brothers Realty under the umbrella of Discovery Property Group, Powell was installed as association president in early January. He is a former sergeant with the San Diego Fire Rescue Department and a retired California sworn peace officer.

Given the market, Powell said 2023 is likely to be a tough year for real estate agents.

“It’s never an easy gig. To make it an actual career is not a small feat. You’ve got to have your finger on the pulse all the time or else you won’t do well,” Powell said. “I tell people, when you’re not selling a house, train and learn.”

Rounding out the association’s board of directors for 2023 are Glenn Bennett, Karen DeGasperis, Markus Feldman, Cecelia Fowler-Ramsey, Steve Fraioli, Bob Kevane, Denis Matthis, Jessica Mushovic, Michele Porter, Mark Powell, Judy Preston, Rocky Rockhill, Melo-de Savage, Michael Shenkman, Matias Susel, Ann Thockmorton, Spencer Trapp, and Karen Van Ness.

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