SAN DIEGO – The trend of increasing prices and lower sales totals for single-family homes in the region stalled last month, according to data released today by the San Diego Association of Realtors.
The median price of a house in August was $610,000, about $5,000 less than in July. Meanwhile, 2,153 houses sold last month, or 49 more than the month before.
The San Diego real estate market has been hamstrung by declining inventory over the past year or so despite continued high demand, meaning rising prices but fewer sales. The trend was illustrated in the year-over-year figures, with the median price of a house that changed hands up 8 percent in August from the same period in 2016, and the number changing owners declining by 6 percent.
For attached homes like condominiums or townhouses, the median sales price in August was $400,000, down $5,000 for the month and but up $25,000 since August of last year.
The SDAR said 1,095 condos sold last month, down 3 percent from the month before and 11 percent below the same month in 2016.
“Home sales tend to cool off ahead of a new school year, but in this market deals can be made well into the school months,” said SDAR President Bob Kevane. “I’m hopeful that mortgage rates, wage growth and unemployment will stay stable and buoy up our struggling housing market.”
The most expensive residential property sold in San Diego County last month was a remodeled 2,300-square-foot beach cottage on the bluffs in Del Mar, for $10 million. The 1948 home has two bedrooms and three bathrooms.