Market Journal IQ: San Diego

Rates broke 7%. The 30-year fixed jumped to 7.28% on October 1, up from 7.03% a week earlier and the highest since November 2023, with the 10-year Treasury around 5.2% (Freddie Mac, Oct 1 2026; Fox Business). That follows the Fed's quarter point hike to 3.75% to 4.00% on September 16, and the next meeting is October 27 to 28. Sales are feeling it: existing-home sales slipped 2.0% in August to a 3.98 million pace, while the national median still rose 1.6% to $429,100, the 38th straight month of gains (NAR, Aug 2026). Watch today's number in the rate strip above.

The FAIR Plan's 29% hike lands October 15. The Department of Insurance approved an average 29.1% increase for the state's insurer of last resort, down from the 35.8% it asked for, and it reaches more than 675,000 policyholders, hardest in high wildfire risk areas (KQED; CDI). If you are buying anywhere near the brush line, get the insurance quote before you write the offer. (Statewide median: $901,420 in August, +0.1% YoY, sales +1.4%, C.A.R.)

County detached homes stayed tight in September: about 2.4 months of supply and a median 16 days on market, both down 20 to 31% from a year ago, while the detached median rose 7.1% to about $1,075,000 (SDAR/CRMLS InfoSparks, Sep 2026). Those are September closings, mostly signed before rates crossed 7%. 📍 San Marcos watch: North City, the new downtown going up beside Cal State San Marcos, is planned for about 3,400 homes on 200 acres, a $2 billion build. San Marcos and Vista now have their own reports. See the San Marcos report → (Voice of San Diego, Apr 2026)