Market Update: April 2026
There is a certain rhythm to life here in San Diego, a quiet confidence in our coastal lifestyle and a resilient market that usually stays grounded even when the national news feels a bit loud. While we are seeing some global economic shifts, the local story is really about a market finding its footing as we move deeper into the spring season.
The National & Global Backdrop
Nationally, things have tempered as buyers weigh mortgage rates against the desire for a new home. The National Association of REALTORS® (NAR) reported that national existing-home sales rose 1.7% in March, though inventory remains a challenge across the country. We’ve also felt the weight of broader economic pressures lately; geopolitical tensions and persistent inflation, which ticked up to 3.3% recently, continue to put upward pressure on costs. Interestingly, "Cash is King" right now, as a significant portion of buyers are sidestepping mortgage rates altogether to keep the high-end market moving.
The Local Reality: A Tale of 2 Markets
In our corner of the world, the market is currently split depending on the type of home you’re looking for. We are seeing a "detached squeeze" where single-family inventory has dropped 21.5% year-over-year, leaving a lean 2.0-month supply. On the flip side, condo and townhome inventory grew 3.2%, offering a more flexible 3.4-month supply.
Home Prices & Equity
Detached Homes: The median price for a single-family home rose to $1,100,000, a 2.4% increase from last year.
Attached Homes: Condos and townhomes saw a slight dip, with the median price settling at $670,000, down 1.1%.
Average Sales Price: The average price for a detached home reached $1,438,166 this month.
Market Pace & Retention
Things aren't moving with the frantic energy of years past, which gives everyone a chance to breathe. Detached homes are averaging 37 days to go under contract (up 8.8%), while condos are taking about 45 days. Even with a slower pace, sellers are doing well, pocketing 98.9% of their original list price for houses and 98.0% for condos.
Rates & Affordability
Mortgage rates have provided a bit of a reprieve, with the 30-year fixed rate hitting a four-week low of 6.30%, a solid improvement from the 6.83% we saw this time last year. We’re also tracking a "Dual Shopper" trend: about 10.8% of San Diego buyers are also looking at rentals, mainly because a monthly mortgage here is often roughly $415 higher than renting a similar home. While the Housing Affordability Index for detached homes held steady at 40, the attached market improved to 65, making townhomes a much more realistic entry point for many.
The Bottom Line
The "lock-in effect" is real; plenty of people are staying put to keep their old rates, which keeps our housing supply tight. However, people are still moving, with closed sales up 5.2% for houses and 9.7% for condos this month.
For Buyers: The condo and townhome market is where the selection and the better deals currently live.
For Sellers: If you’re listing a detached home, you still have the inventory advantage, but your pricing needs to be sharp. If you aren’t in contract within about three weeks, the market is telling you to take another look at your strategy.
As we navigate the spring market, our focus is on guiding you through intentional choices. We are here to provide the stewardship and market depth required to protect your long-term value.
Let’s look at your goals and build a plan that aligns with where you want to be. No pressure. Just a strategic, honest conversation.
-Greg
