The San Diego, CA metro area housing market in February 2025 presents a complex landscape with varying trends across different metrics. The Median Sales Price has reached $900,000, marking a modest year-over-year increase of 0.8%. This indicates a relatively stable pricing environment despite broader economic uncertainties.

In contrast, the Median List Price has risen to $949,900, reflecting a more significant year-over-year growth of 3.8%. This suggests that sellers are optimistic about the market's potential, possibly anticipating continued demand or attempting to capitalize on the current market conditions.

The median Price Per Square Foot has increased by 2.5% year-over-year, now standing at $604.37. Similarly, the Median List Price per square foot has seen a 2.1% rise, reaching $616.67. These figures indicate a steady appreciation in property values, albeit at a moderate pace.

However, the number of Homes Sold has decreased by 8.1% year-over-year, with 1,678 transactions completed. Pending Sales have also declined by 5.6%, totaling 2,039. This downturn in sales activity could be attributed to various factors, including affordability challenges or potential buyers adopting a wait-and-see approach.

On the supply side, New Listings have increased by 9.4% year-over-year, reaching 2,453. Inventory levels have seen a slight uptick of 0.6%, now at 3,130 homes. The Months of Supply have risen significantly by 20.0%, now at 1.90 months, indicating a shift towards a more balanced market.

The Median Days on Market have increased by 10.0% year-over-year, now averaging 28 days. This suggests that homes are taking slightly longer to sell, possibly due to the increased inventory or more discerning buyers.

The average sale to list ratio has decreased by 0.7%, now at 99.5%, indicating that homes are selling slightly below their asking prices. The percentage of Homes Sold above list price has dropped by 8.2%, now at 37.4%, further highlighting the shift in market dynamics.

Price Drops have become more common, with a 15.0% year-over-year increase, now affecting 35.1% of listings. This trend suggests that sellers may be adjusting their expectations in response to changing market conditions.

Finally, the percentage of homes going off the market within two weeks has decreased by 10.0%, now at 40.6%. This decline indicates that buyers are taking more time to make purchasing decisions, possibly due to the increased inventory and more competitive pricing.