San Diego home prices steady as market absorption slows 37%

"San Diego-Carlsbad-San Marcos metro homeowners are betting on patience over price cuts, maintaining a $1,225,000 median list price even as properties take 63 days to sell, a 50% jump from 42 days a year ago. The standoff between sellers and buyers has created a notable slowdown in market velocity, with only 369 homes absorbed weekly compared to 586 during the same period in 2024."

"Just 35.2% of active listings have reduced their asking prices, while 1.3% actually increased prices in the past week. This restraint comes despite clear signals of buyer hesitation, weekly absorption has plummeted 37% year-over-year, leaving 2,983 homes on the market compared to 2,799 last November. The metro's 2.3 months of supply keeps conditions in seller-favorable territory, though the market has shifted from last year's tighter conditions. New listings continue flowing at 235 homes per week, while the slower absorption rate allows inventory to accumulate."

"At $613.7 per square foot, San Diego commands a 50% premium over California's statewide average of $408.61. The metro's median price sits 59% above the state's $769,000 median, reinforcing why sellers feel confident holding their ground. San Diego's $1,225,000 median has dipped just 2% from last year's $1,250,000, a modest adjustment considering the extended selling timeline. The market maintains its position as one of California's priciest, with homes taking less time to sell than the 70-day state median despite the year-over-year increase."

San Diego-Carlsbad-San Marcos metro median list price stays at $1,225,000 while homes take 63 days to sell, a 50% rise from 42 days a year ago. Weekly absorption dropped to 369 homes from 586 a year earlier, causing inventory to rise to 2,983 listings versus 2,799 last November. Only 35.2% of active listings have cut asking prices and 1.3% increased prices in the past week. Months of supply is 2.3, with about 235 new listings per week and a 19.7% relisting rate as sellers test strategies. Price per square foot is $613.7, roughly 50% above the California average.

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