New sellers outpaced new pendings again.
The gap is growing. The bigger the gap gets and the longer that trend goes, the more likely a future of flattening or softening values gets.
I know…I know. My charts go right to left. Forgive me…it’s gone on so long now that it’s just my thing now.
The chart below (going left to right, like a boss) shows the price movements that started within a month or so of the start of that trend.
It takes more than 2 weeks to be a called trend – just something to watch for…
Especially with rates jumping up again this week, and the “higher for longer” narrative coming back into the forefront (more on that below).
How’s Brian feeling this week about the San Diego market?
Optimistic, but still playing it cautious… 🙂 (no changes from last week, for now)
- 3-month outlook (May 2024) – inventory will increase. We’ll see another 2-3% appreciation over February.
- 6-month outlook (August 2024) – inventory will be higher than in May, and values will peak in May as usual, then flatten out and fall from there.
- 12-month outlook (February 2024) – sticking to the 5-7% range of annual appreciation for now.
Disclaimer! This is not investment advice. I might be wrong. You make your own decisions.
Other Relevant Local News
- Negative migration hits San Diego County for the second year in a row.
