Number of Chula Vista Sales Lowest in Nearly 20 Years

Number of Chula Vista Sales Lowest in Nearly 20 Years

The fourth quarter of 2022 ended with the lowest number of sales in many areas of Chula Vista in the last 20 years.  In the 91914 zip code, there were only 11 sales of single-family detached homes From October 1 through December 31, 2022 according to data collected from the California Regional Multiple Listing Service.

High interest rates can be blamed for decreased buyer demand as well as the low inventory of homes for sale.  With many homeowners sitting on sub-3% interest rate loans, prospective move-up and downsizing buyers just don’t see the logic in selling now.  Who would want to pay interest rates that could be more than double what they have on their existing mortgages?  This freeze will likely take a while to thaw out since rates will likely not be improving significantly in the coming months.  For at least the next few months, we will likely continue to see lower-than-normal numbers of transactions and little further downward pressure on prices.

On the bright side, 2023 is starting off with more stability than we have seen in recent years!  Furthermore, the Mortgage Bankers Association reported a 7% increase in mortgage applications from the prior week.  Mortgage rates have declined for the third week in a row.

This is good news for both potential buyers and sellers.

If you have questions about today’s current market, contact your trusted BHGRE Clarity Real Estate Agent.

For more information about homes for sale in San Diego County visit: BHGREClarity.com

– Peter Carlseen, Broker, BHGRE Clarity, DRE#01441961