Published October 11, 2026 in Market Update

Inventory rose, but homes still moved faster in this market

By Ken Schwartz

Real estate, market update

Here is the one thing worth knowing first. The Real Estate Data Aggregator counted 1,211 homes for sale across this market in the three months ending August 31, 2026. That is up 7.5% from the same period last year. More supply usually means more time to decide. But in most of these ZIP codes, homes actually sold faster than they did a year ago. That split is what you need to understand before you price or make an offer.

The National Association of Realtors put national months of supply at 4.9 months, the highest level in over ten years. Locally, the picture is different. The Real Estate Data Aggregator shows most ZIP codes in this market sit well below that 4.9-month mark. That means buyers here have more choice than last year, but sellers are not sitting on a slow market the way some national headlines suggest.

One thing that does apply here: Freddie Mac put the average 30-year fixed rate at 7.40% as of October 8, 2026. The 15-year fixed averaged 6.73%. Realtor.com noted rates climbed about 40 basis points over the four weeks before that. Higher rates slow some buyers down. That is part of why pricing to the actual market matters more right now than it did two years ago.

Months of supply by ZIP code

Months of supply tells you how long it would take to sell every home currently listed, at the current sales pace. Below 3 months is a seller's market. Above 6 months favors buyers. Most of this market sits in between, but not all of it.

ZIP 92101, the Downtown San Diego condo market, is the one area where supply is clearly elevated. The Real Estate Data Aggregator counted 338 homes for sale there and 7.7 months of supply, up 2.2 months from a year ago. Sales fell 6.3% at the same time. If you own a condo downtown, that context matters when you set a price.

Where homes moved fastest

Speed of sale varied a lot by ZIP. In most areas, median days on market fell from a year ago. A few stood out.

ZIP 92116 was the fastest ZIP in this market. The Real Estate Data Aggregator counted a median of 16 days on market there, 18 days shorter than the same period in 2025. Nearly 44.6% of homes went under contract within two weeks of listing. That is a market where a well-priced home does not sit long.

ZIP 92110 also moved quickly. Median days fell 20 days year over year to 27 days, and the share of homes going under contract within two weeks rose 6.3 points. Inventory there actually fell 25.3%, so fewer choices pushed buyers to decide faster.

Where prices moved, and where they held

Price changes were not uniform. Some ZIP codes saw prices rise. Others dipped. The Real Estate Data Aggregator shows the range clearly.

ZIP 92116 saw the largest price gain at 20.7%, paired with the fastest days on market. ZIP 92120, which covers the Allied Gardens and Del Cerro area, saw a 13% drop in median price. That can reflect a change in what sold, not necessarily what your specific home is worth. A smaller or larger home than last year's typical sale can move the median without any home losing value.

ZIP 92120 also had 47.1% of homes go under contract within two weeks, up 18.2 points from a year ago. That is the largest jump in that measure across this whole market. Speed was up even as the median price was down. That combination usually means buyers were active but selective about price.

How many homes sold above list price

This tells you how competitive the offer process was. In most ZIP codes, the share of homes that sold above list price rose from a year ago.

In ZIP 92119, the San Carlos ZIP code, 43.4% of homes sold above list price, up 15.9 points from a year ago. That is a meaningful shift. In ZIP 92101 Downtown, only 8.2% sold above list, and that share fell 4.3 points. Those two markets are behaving very differently right now.

The national picture, and what it means here

The National Association of Realtors reported national months of supply at 4.9 months, the highest in over ten years. Nationally, existing-home sales fell 2.0% month over month in August 2026, though they are up 1.6% year to date through August.

Here, the Real Estate Data Aggregator shows a different story. Sales across these 12 ZIP codes rose 2.9% year over year. Pending sales rose 0.7%. Most ZIP codes had fewer days on market, not more. The national slowdown is real, but it has not landed evenly in Central San Diego.

Rates are the one national factor that does apply directly here. Freddie Mac put the 30-year fixed at 7.40% as of October 8, 2026. Realtor.com noted rates climbed about 40 basis points over the four weeks before that reading. That affects what buyers can qualify for, and it affects how many buyers are active at any given price point.

What this means if you are selling

More inventory means buyers have real alternatives. If your price is off, they will move to the next home. In most of these ZIP codes, well-priced homes still moved in under 30 days. The homes that sat were the ones priced above where the market landed.

In ZIP 92101, with 7.7 months of supply and 54 median days on market, the math is harder. That does not mean you cannot sell. It means the price has to reflect what is actually competing with your home right now.

What this means if you are buying

You have more listings to look at than you did a year ago. In most ZIP codes, you still need to be ready to move. In ZIP 92116, ZIP 92119 and ZIP 92120, nearly half of homes went under contract within two weeks. In ZIP 92101, you have more time and more options.

At a 7.40% rate (Freddie Mac, October 8, 2026), your monthly payment on a given loan is higher than it was two years ago. That is a real constraint. Know your number before you start looking, so you are not surprised when you find something you want.

One ZIP code number tells you the broad direction. Your street can read very differently. A canyon lot, a view, a specific school boundary, or a particular build era can move the number for your home away from the ZIP median. Text me your address and I will tell you where your home sits against what actually sold near you in the three months ending August 31, 2026.