Every month we dig into the closed sales data for San Diego County, and July gave us a clear picture of a market that is shifting in favor of buyers, especially along the coast. Here is what actually happened, and what it means if you are thinking about buying or selling in Encinitas, Cardiff, Solana Beach, Carlsbad, Del Mar, or Rancho Santa Fe.
The Big Picture
San Diego County closed 2,227 sales in July, the median sales price landed at $927,500, and the median sale to list price ratio came in right at 100.0%. Mortgage rates were part of the story too. Rates touched this year’s high of 6.85% in July, and that pressure showed up directly in how homes performed against their list price.
Cash Buyers Held Steady
Cash purchases made up 22% of all closed sales in July, exactly where they were in June. The other 78% financed. Not much movement here, but it is worth watching as rates stay elevated. Cash buyers tend to gain leverage when financing gets more expensive, so if that 22% starts climbing, it is a signal buyers with cash are stepping in where financed buyers are pulling back.
More Sellers Had to Cut Their Price
This is the number that jumped out to us. 30% of homes that closed in July had reduced their list price at some point, up from 26% in June. Meanwhile 66% closed with no change to the list price, down from 70%. Only 4% of sellers were able to raise their price during the listing period, unchanged from June.
Put simply, a growing share of sellers are having to adjust expectations to meet the market rather than the other way around.
How Homes Sold Compared to List Price
Looking at final list price, 35% of homes closed above, 20% closed right at list, and 45% closed below. Compared to June, homes closing above list dropped a point, and homes closing below list stayed the same.
The original list price tells an even bigger story. Only 32% of homes closed above their original asking price, down 3% from June. 55% closed below their original list price, up 2% from June. That gap between original list price and where a home actually closes is the clearest read we have on how important it is to price correctly from day one. Overpricing at launch is costing sellers leverage.
Homes Are Coming Off the Market Unsold
25.2% of active inventory was pulled from the market in July without selling, 1,511 homes county wide. That is up 7% from June. Rising withdrawals usually mean sellers are testing pricing that the market will not support, then pulling the listing rather than chasing it down with reductions. It is a trend worth watching heading into the fall and holiday season, when buyer activity typically slows further.
What This Looks Like Along the Coast
Zooming into our North County coastal markets, the story tracks the county overall, with some pockets holding up better than others.
Encinitas saw 41 closed sales in July, with 41% closing above the original list price and only 22% of listings needing a price cut. That is meaningfully stronger than the county average, and it lines up with what we broke down in our Encinitas housing market report earlier this year.
Del Mar and Solana Beach both posted 38% of sales closing above original list price, with 16 closings each. Solana Beach in particular is running well ahead of last July, when only 10 homes closed.
Carlsbad remains the volume leader in our footprint with 132 closings, up from 102 a year ago, though pricing power was closer to the county norm, with 59% closing below original list.
Cardiff by the Sea had a quieter month with 11 closings, and 55% of those closed below original list price, alongside the steepest average dollar reduction we tracked locally at $234,000 off list.
Rancho Santa Fe told the most pointed story. 24 homes closed, but 75% closed below original list price, and the average price drop was $719,000. At this price point, pricing strategy and patience matter even more.
The Takeaway
Supply is up, demand has softened a bit, and sellers who price accurately from the start are still closing close to list. Sellers who chase the market with reductions after the fact are ending up further below their original number. If you are weighing a listing this fall, or wondering what your home is actually worth in today’s market, we are happy to walk through the numbers for your specific street. Reach out to The Caspersen Group or call (619) 807-3423.
Data source: Reports On Housing, San Diego County Monthly Sold Report, July 2026.