U.S. home sales dropped 32% year-over-year in December, falling to the lowest level since 2015, but prices in San Diego have largely held up, according to a new study from web-based real estate powerhouse Redfin.
The Times of San Diego says prices fell only 2% year-over-year, matching similar declines in Anaheim, Riverside, Newark, Portland and Washington, DC.
Prices fell 10.4% in San Francisco, 6% in Sacramento, 5.6% in San Jose, 5.4% in Los Angeles and 4.4% in Oakland.
Redfin also reports that home sellers gave concessions to buyers in 42% of home sales in the fourth quarter — the highest share of any three-month period in Redfin’s records.
That’s up from just over 30% in both the last quarter of 2022 and the fourth quarter of 2021.
The increase outpaces a previous 41% high from the quarter ending July 31, 2020 when home sales ground to a halt due to COVID-19 pandemic.
The overall numbers are stark contrast to the pandemic homebuying frenzy of late 2020 and 2021, when record-low mortgage rates fueled fierce competition, forcing buyers to bid over asking price and waive contingencies to have offers seriously considered.