Let me preface this: I didn't expect this. I anticipated a flattening or slowdown. A lot of experts have been projecting the same, but it hasn’t happened yet. And may not happen anytime soon.
What happened:
Despite global economic headwinds and rates sitting at 6.3%, buyers (both people and corporations) are still buying.
San Diego County
Total Volume: $3.91 billion. This was the highest total combined dollar volume of all homes sold on record, up 45% over last year.
Median Sales Price: $905k. Prices continued their 6-month climb upwards, up 2.5% YoY. This is the second-highest median home price on record (the highest being last June at $918k).
Time to Sell: Days on market are dropping as summer arrives, but it's still taking 15% longer to sell a home compared to last April.
Inventory: While inventory is down 12% compared to last April, relative to the last few years it's healthy. It's up almost 68% since 2024 and almost 3x 2023.
Source
My source is the local MLS. I've been posting this data for around 4-5 years now to r/SanDiego with the permission of the mod team and always well before it's in the news
Standard disclaimer: My degrees are not in economics. I am not a financial advisor or a clairvoyant. I'm just here sharing data. My generic advice, which also extends to stocks and is shared by most experts is: don't try to time the market. Nobody can predict the future. Next month we could be singing a different tune.