In last month’s update I had conjectured that the tariff panic might have caused a pop in months of inventory. It seems like this may have been the case after all, as inventory pulled back last month to the trajectory it had been on earlier this year.
We’ll have to see if there is more in the tank here, or if the normal seasonal pattern of monthly increases picks up again.
The price/square foot recovered a bit for the month but the smoothed 3-month average continued to decline. FWIW in real terms we are back to late 2021 levels, for prices. For monthly payments, we are at late 2022 levels in real terms.
That’s all for now… more graphs below, and if you missed it, check out the recent valuation update.
Thank you for your continued analysis! We are selling our house in 92123 that we bought in 2014. Currently we are planning to rent in a better neighborhood for an easier commute and see how things play out.
It’s a bold/painful move but wife and I decided we can’t keep doing what we’re been doing for another 10+ years . So we are taking the sweat and appreciation equity out to enjoy life by the beach for a few years…
Thank you again for all the excellent unbiased local RE analysis and I wish you well sir!
Thank you and best of luck with your move!
Hi Rich, I saw this last month. https://www.realtor.com/news/trends/delistings-home-seller-june-trends-report/ Realtor.com’s June data showed delistings up ~47% YoY, with some markets like Miami hitting a 59% delisting-to-new listing ratio. Could the July pullback be more about homes being removed than fewer new listings?
Yes that definitely seems plausible. I just track the running amount, not adds vs. subtractions, so I can’t be sure, but I wouldn’t be surprised at all by this. Basically people saying, I’m not going to get what I want, so I’ll just pull it off the market.
Thanks for clarifying. Appreciate the updates!
Just wanted to say thanks for these continuous updates. I always look forward to reviewing them every month!
I haven’t really followed real estate market for a while now but I really appreciate you continuing to publish data. After going through hell evicting a tenant finally, we are repairing the damage renovating are rental home in 92131 with the goal of selling and if it doesn’t sell well have to rent it out. Am I interpreting the data correctly that prices are going down so its proably best to sell but going into the slow time so probably need to sell for lower? Thanks.
Yeah, prices have declined a bit and months of inventory is on the high side, but nothing dramatic in either case. Of course YMMV based on the location, property, etc… but that seems to be the overall trend.
Agreed, just looking at 92131 I’m seeing 27 SFH listed. 18 Sold within last 30 days (50 over last 90 days) putting inventory around 1.5 months. Still small sample size but looks like things are still moving there.
This is promising then, trying to choose a realtor, perhaps she wasn’t being overly optimistic saying anything under 1.5 million will sell quickly. The data is very helpful, thank you!
Rich – thank you for these updates! I stumbled across your site pre-financial crisis and the insights I derived from your data and analysis gave me the conviction to wait patiently for the correction. Finally bought in January 2013 in Pt Loma/OB and feel very fortunate to have timed the market well.
Would love to move up but prices in our neighborhood are still sky high and it would be really hard to give up my sub 3% mortgage. Current plan is to wait for a more substantial correction and save enough to retain my current residence as a rental, but man is that a tall order in coastal CA!
I was tracking this property and it sold at $1.25m, about where I expected and supporting the thesis that detached is a different animal than condos. For whatever reason the $1.25m sale didn’t pickup in the searches but you can see it in the property history.
https://redf.in/DhYces
That property sold for 825k in February as well. Some schmuck just bought a 425k flip? That is willllddddd…
In other news 6 houses just went up for sale on my street in clairemont this week
This is off topic, but I just wanted to know if anyone knows what is going on with Ben Jones housingbubbleDOTblog? It is dormant since 2025-08-22, and comments are disabled. For sure, Ben Jones deserves a vacation after 20+ years, but I am a little worried. I could not find any news online. Does anyone know anything?