While prices remain high, the housing market seems to be slowing down in San Diego County and beyond — except for one property in North County that just set a new record.
Southern California home sales, including those in San Diego County, hit one of the lowest levels ever last month, according to a new report from“Home sales activity has been on decline since summer of last year, ever since mortgage rates started increasing. And now we have hit the lowest point in 15 years in terms of home sales activity,” Hepp said.
San Diego real estate agent Voltaire Lepe said he and other agents have been feeling the pinch, especially over the last few months. Despite the difficult housing market, San Diego County recorded its highest-ever priced home sale last week — an oceanfront Del Mar property that went for $44.1 million.“When you have a cash buyer, they don't care if the interest rate is 8% versus 6%, compared to a lot of my clients who are payments sensitive,” he said. “6% rate to 8% rate is a huge difference in their monthly payments and it's a big percent of their monthly income.
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