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Sales of San Diego homes plunge in September

Posted at 3:22 PM, Oct 09, 2018
and last updated 2018-10-09 18:22:29-04

SAN DIEGO (CNS) - Sales of previously owned single-family homes and attached properties like condominiums and townhomes both fell by roughly 25 percent in September compared to August, according to data released Tuesday by the Greater San Diego Association of Realtors.

Single-family home sales decreased from 2,039 in August to 1,536 in September, a 24.7 percent decline. Condo and townhome sales fell from 1,056 to 792, a 25 percent decrease.

Year-over-year sales figures were also down, with single-family home sales falling 21.6 percent from 1,958 in September 2017 to 1,536 last month, and attached property sales down 22.7 percent from 1,024 to 792 listings sold.

In total, previously-owned home sales in 2018 are down 9 percent compared to the first nine months of 2017.

"I'm hopeful that residential sales will continue along a mostly positive line for the rest of the year," said GSDAR President Steve Fraioli. "But it's possible that rising prices and interest rates may factor into many home purchase decisions."

Monthly median prices for single-family homes fell slightly, from $665,000 to $650,000 between August and September, while attached property prices rose 1.8 percent from $425,000 to $432,500.

Year-over-year prices for both single-family homes and attached properties rose nearly 7 percent. Single-family home prices rose 6.6 percent from $610,000 to $650,000 and prices of condos and townhomes rose 6.8 percent from $405,000 to $432,500.

San Diego County Realtors sold the most single-family homes in September in Rancho Bernardo West and Fallbrook, which tied with 39 homes sold.