SAN DIEGO (KGTV) -- Southern California home sales are seeing a significant drop, according to a new report by CoreLogic.
In San Diego County, home sales are down more than eight percent year-over-year. Despite a dip in sales, home prices rose 2.6 percent from February of 2018 to February of 2019.
The median home price in February was $549,000, CoreLogic reports.
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The recently-released data shows that home sales are cooling by double digits, dropping by more than 11 percent year-over-year in Southern California.
The report points out that total SoCal home sales in February were the lowest since February of 2008, when only 10,777 homes were sold.
According to the report, sales have fallen on a year-over-year basis for the last seven consecutive months.
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The report also shows that sales of newly-built homes were more than 50 percent below the February average since 1988.
“February was the third month in a row in which Southern California home sales were the lowest for that particular month in 11 years, since shortly after the last housing downturn began,” said Andrew LePage, a CoreLogic analyst.