Statistically we are beginning to feel the brunt of these high mortgage interest rates. 30 year mortgages on jumbo loans were over 5.9% this morning. Our median sales price in 92130 is down 19.3% over a year ago. The days on the market have gone from eight days in February 2022 to 55 days in February 2023. Despite all of this I still am receiving multiple offers on most of my listings. Buyers are much more aware of the current prices and are not willing to pay a ridiculous premium as they were willing to do all the way up until June 2022 when the feds doubled the interest rates. I believe the reason we have only dropped 19.3% in the median sales price is because inventory levels are still low. Only time will tell.
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