San Diego Median Home Price Hits Record $923,080 in June
San Diego County recorded its highest median home price in June, driven by a surge in luxury sales despite rising mortgage rates.
Key points
- San Diego County median home price reached a record $923,080 in June, up 2.1% annually.
- Luxury sales above $2 million hit a record 232 pending transactions, driving the overall price increase.
- Average 30-year mortgage rates rose to 7.20%, a level experts say will suppress further market growth.
San Diego County recorded a record median home price of $923,080 in June. This figure exceeds the previous peak of $914,000 set in June 2024. The increase marks a return to typical summer buying patterns after months of sluggish activity.
Total home sales reached 3,839 units, the highest monthly volume since September 2021. According to sandiegouniontribune.com, this surge was largely driven by the high end of the market. Wealthier buyers leveraged stock market gains to drive prices higher despite elevated borrowing costs.
Luxury Segment Drives Price Surge
There were 232 pending sales for homes listed above $2 million at the end of May. This is the highest count ever recorded for that period. The only comparable figure was 225 sales in March 2022, before mortgage rates rose sharply.
The median single-family home price hit $1 million, up 2.5% annually. In contrast, the median townhouse and condo price fell 0.6% to $690,603. This divergence indicates that the recent price gains are concentrated in the luxury segment rather than the entry-level market.
Mortgage Rates Limit Market Momentum
The average 30-year fixed-rate mortgage reached 7.20% as of Monday afternoon. This is a significant increase from 6.53% at the end of May. Bill McBride of Calculated Risk predicts a slow end to the year due to these higher rates.
Steven Thomas of Reports on Housing notes that rates below 6.5% act as an accelerator. He describes this threshold as the point where demand for housing speeds up significantly. Most June closed sales originated from purchases initiated in May when rates were lower.
Regional Market Performance Comparison
San Diego was one of only two Southern California counties to see price increases. Los Angeles County also rose, with a median price of $910,000. Other major markets, including Orange and Ventura counties, saw monthly price declines in June.
Over 8,000 homes were listed for sale in San Diego County in June. This inventory level is close to the annual high of roughly 8,300 seen in April. The number of active listings is nearly double the 4,500 homes listed in June 2023.
