More sellers are dropping home prices in San Diego
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About 1 in 3 San Diego County houses for sale saw price cuts recently, according to Redfin data, marking a shift from earlier this year.
Why it matters: Home sellers across the country are increasingly offering discounts to entice buyers hampered by high housing costs and limited supply.
Flashback: Price cuts surged nationwide in 2022, partly because rising mortgage rates caused prospective homebuyers to back out of the market.
What they're saying: "A housing market that for years has been defined by fast sales and few options is starting to look more like it did before the pandemic in terms of competition among buyers and their negotiating power," Zillow chief economist Skylar Olsen says.
Zoom in: Even with more price drops, the local housing market remains competitive and expensive.
- Homes in San Diego receive an average of five offers and sell in about 16 days, per Redfin.
- The median sale price was more than $1 million in June, up 10% from last year.
What's next: Many real estate agents expect competition to heat up once summer vacation ends and kids are back in school.