Making It in San Diego: San Diego home sales increase as prices drop

SAN DIEGO (CNS) - Sales of previously owned single-family homes and attached properties like condominiums and townhomes increased between September and October while home prices decreased, according to data released by the Greater San Diego Association of Realtors.

Sales of single-family homes increased from 1,605 in September to 1,644 in October, a 2.4 percent jump. Attached property sales rose 8.8 percent from 820 in September to 892 in October.

The increases are a minor rebound after SDAR data showed sales of single-family homes and attached properties fell 25 percent from August to September.

Monthly home prices dipped slightly for both single-family and attached properties. Single-family prices fell 0.4 percent from $647,000 to $645,000 while condo and townhome prices fell 2.7 percent from $429,000 to $418,000.

"The temperature of home prices seems to be cooling, which may lead to a period of calm for the rest of the year," SDAR President Steve Fraioli said. "However, the strength of the economy and the strong job market remains great news for buyers and industries related to real estate."

Year-over-year increases show significant declines in listings sold and increases in home prices. Single-family home sales fell 16.8 percent from October 2017 to October 2018, from 1,977 to 1,644. Year-over-year condo and townhome sales fell 15.3 percent, from 1,053 to 892.

Sale prices rose 6.3 percent for single-family homes, from $607,000 in October 2017 to $645,000 in October 2018. Condo and townhome prices rose from $400,000 to $418,000 in that same time span, a 4.5 percent increase.

Realtors sold 43 single-family homes in Ramona in October, the most of any zip code in the county.
 

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