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San Diego home sales increase as prices decline, SANDAG reports

Housing Market
Posted at 11:26 AM, Aug 07, 2019
and last updated 2019-08-07 14:29:37-04

SAN DIEGO (CNS) - Countywide sales of previously owned single-family homes and attached properties like condominiums increased from June to July while median sale prices ticked down, according to data released Wednesday by the Greater San Diego Association of Realtors.

Single-family home sales rose 2.4%, from 1,980 in June to 2,028 in July, while attached property sales ticked up 5.1%, from 975 in June to 1,025 last month. Both increases are a modest recovery for the housing market after housing sales tumbled by double digits from May to June.

Median sales prices for both property types dipped slightly in July after steady gains each month of the year, save for attached property prices from March to April. Single-family home prices decreased 2.2% from $670,000 in June to $655,000 in July, while attached property prices dipped 1.5% from $441,500 in June to $435,000 last month.

``The inventory of homes for sale across the county just can't seem to jump-start, although some neighborhoods have been consistently strong,'' said SDAR President Kevin Burke. ``We can be thankful for the continuing economic expansion, low mortgage rates and the recent reduction in the benchmark interest rate by the Fed.''

Year-over-year sales declined for both property types, according to the GSDAR. Single-family home sales dipped 3.3% in July when compared to a year ago -- from 2,097 to 2,028, while attached property sales fell 2.8% from 1,055 in July 2018 to 1,025 last month.

Year-over-year sales prices increased slightly for both property types. Single-family sales prices ticked up 0.6% from $651,000 in July 2018 to $655,000 last month, while attached property prices increased 1.2% from $430,000 in July 2018 to $435,000 last month.

Fifty-eight single-family homes sold in Fallbrook last month, the most of any ZIP code in the county.