The region’s median home price was $900,000, according to Attom Data Solutions, up 3.1% from February and unchanged annually. The median, which combines sales of single-family homes, townhouses and condos, hit a high of $915,000 in June 2024.

There were 2,360 home sales in March, up from the historically low 1,972 in February and 1,616 in January. March’s closed sales reflect transactions that began in February — when average mortgage rates fell below 6% — and were likely unaffected by the sharp rise in rates following the start of the Iran war.

The average 30-year, fixed-rate mortgage rate was 6.75% this week, according to Mortgage News Daily. Analysts said other headwinds continue to affect the market: high gasoline costs, lackluster wage gains and economic uncertainty.

“For buyers in La Jolla and Del Mar, there’s no difference between 6% and 6.7%,” he said of wealthy buyers. “But for 80% to 90% of San Diego County, it changes the equation.”

McBride said a home is usually the biggest purchase in a consumer’s life and buyers can get skittish with economic uncertainty. He said some recent examples are concern over artificial intelligence taking jobs and rising gas prices — which might factor into commute calculations.

“Say you were going to buy a house in Temecula and commute to downtown San Diego,” McBride said. “You care about $6.50 (a gallon) gas prices.”

The county has continued to break records for apartment construction, but for-sale home construction is down considerably. In addition, the number of homes for sale continues to be in the doldrums. There were 2,628 new homes listed for sale in March, down from 2,725 at the same time last year.

Home prices varied by type in March. The median single-family home price was $1 million, down 0.8% annually. The median townhouse and condo price was $682,990, down 2.6% annually.

San Diego County’s median home price largely mirrors similar patterns to the rest of Southern California. Here’s a look at medians — the point where half of the homes sold for more and half sold for less — across the region:

Los Angeles County: Up 1.1% monthly for a median home price of $894,700; down 0.6% annually.

Orange County: Up 3.8% monthly for a median of $1.22 million; up 1.7% annually.

Riverside County: Monthly rise of 2.4% to a median of $605,000; down 0.2% in a year.

San Bernardino County: Down 1.9% monthly to a median of $520,000; down 2.8% annually.

San Diego County: Up 3.1% monthly for a median of $900,000; flat annually.

Ventura County: Up 1.8% in a month to a median of $875,000; up 1.2% in a year.