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San Diego County home sales fall in August, prices stay somewhat steady

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Posted at 3:29 PM, Sep 09, 2019
and last updated 2019-09-09 18:29:15-04

SAN DIEGO (CNS) - Countywide sales of previously owned single-family homes and attached properties fell from July to August while median sales prices ticked up slightly, according to data released Monday by the Greater San Diego Association of Realtors.

Single-family home sales fell 7.4% -- from 2,144 in July to 1,985 last month -- while sales of attached properties, such as condominiums, fell 8.6% from 1,100 in July to 1,005 in August. Sales of both property types have vacillated between increases and decreases since May.

Median sales prices of both property types have risen fairly steadily for most of the year, according to the GSDAR. Single-family home prices rose 0.5% from $657,000 in July to $660,000 in August, and attached property prices increased 1.2% from $435,000 in July to $440,000 last month.

``The 30-year mortgage rates are approaching the historic lows of 2016,'' SDAR President Kevin Burke said. ``Whether that can give the housing market some relief is still dependent on an increase in our supply of homes for sale. Until then, buyers will have to be on their game.''

Year-over-year property sales also fell last month when compared to August 2018. Single-family home sales decreased 3.8% from 2,064 in August 2018 to 1,985 last month, while attached property sales fell 6.9% from 1,079 in August 2018 to 1,005 in August of this year.

Property prices didn't move much last month compared to their levels one year ago. Single-family home prices decreased 0.8% from $665,000 in August 2018 to $660,000 last month, while attached property prices jumped 3.5% from $425,000 in August of last year to $440,000 last month.

Real estate agents sold 55 single-family homes in eastern Rancho Bernardo last month, the most of any ZIP code in the county. Ramona and northern Oceanside followed with 52 and 51, respectively.