The national housing market is showing signs of a significant shift as we head into the spring selling season. While median home prices remain stable, a combination of falling interest rates and a fresh wave of inventory is creating a much-needed "breathing room" for those who have been waiting on the sidelines.
The National Landscape: Affordability and Inventory on the Rise
One of the most encouraging trends this February was the continued decline in mortgage rates. The average 30-year rate dropped to 6.11%, a substantial 11.32% decrease from the previous year.
This decline has directly impacted affordability. The median monthly mortgage payment (P&I) fell to $1,952, providing the average homeowner approximately $165 in monthly savings compared to February 2025.
Key National Takeaways:
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New Listings Surge: March saw 439,000 new listings hit the market, representing a massive 21.21% increase month-over-month.
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Balanced Growth: Inventory levels grew by 4.03% year-over-year, suggesting a slow tilt back toward a balanced market.
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Sales Rebound: Existing home sales rose 1.74% from January, showing early signs of renewed buyer interest.
The San Diego Lowdown: Resilience and Balanced Competition
San Diego continues to prove its status as a premier real estate market, holding firm even as national dynamics shift.
1. Prices Remain Firm Above $1M The median price for a single-family home in San Diego held steady at $1,050,000 in February. This marks the fourth consecutive month of year-over-year price gains, signaling healthy and sustained demand in our local area.
2. A Seasonal Boost in Inventory We are seeing a typical seasonal climb, with 4,586 active listings on the market in March—a 10.96% increase from February. This provides local buyers with a healthier selection of homes without the market becoming overwhelmed.
3. Homes Are Flying Off the Market Speed is the name of the game in San Diego right now. The median time a listing spends on the market dropped from 29 days in January to just 18 days in February. If you see a home you love, moving quickly is essential.
The Bottom Line: A Balanced Market is Back
For the first time since early January, San Diego has returned to a balanced market territory. With 3.2 months of supply, the market is currently in a neutral position, offering a fair playing field for both buyers and sellers.
Whether you are looking to capture a lower rate or take advantage of the fresh spring listings, navigating this "new normal" requires local expertise.
Are you ready to explore the possibilities of the San Diego spring market?
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