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San Diego home sales down, prices up as 2018 ends

Posted: 11:13 AM, Dec 27, 2018
Updated: 2018-12-27 15:50:05-05
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SAN DIEGO (KGTV) - The housing market in San Diego saw a dip in sales but a rise in prices as 2018 comes to a close, according to real estate data company CoreLogic.

In terms of year-over-year sales in San Diego, CoreLogic’s latest numbers show 2,936 homes sold in November 2018 -- nearly 11 percent lower than the number of home sales at the same timeframe in 2017 when 3,291 homes were sold.

From October 2018 to November 2018, the number of homes sold in San Diego fell 7.1 percent, from 3,159 to 2,936.

CoreLogic said the decrease in home sales applies to all of Southern California, as the region has seen a dip in year-over-year sales for the fourth straight month. The month-over-month change for homes sold in Southern California was 10.7 percent, from 19,236 to 17,170.

New figures show 19,575 homes were sold in November 2017 in all of Southern California, but only 17,170 in November 2018 -- a decrease of 12.3 percent for the region year-over-year.

CoreLogic analyst Andrew LePage said, “Last month’s 12 percent year-over-year drop in home sales marked the second largest decline in more than four years, behind a nearly 18 percent decrease this September. November’s slowdown affected all major price categories, including a nearly 10 percent annual drop in $1 million-plus sales, which have fallen on a year-over-year basis for three consecutive months. Higher mortgage rates worsened affordability constraints this year, and in recent months, stock market volatility could have contributed to the high-end pullback. Market corrections can spook high-end buyers and leave some with inadequate funds to cover down payment and closings costs.”

Meanwhile, the median sale price of a home in San Diego in November 2017 was $540,000. That changed in November 2018, with the median sale price jumping nearly 5 percent to $565,000.

According to CoreLogic, the median price for Southern California homes sold in November 2018 was $522,750 -- down 0.4 percent month-to-month from $525,000 in October 2018, but up 3.5 percent year-over-year from $505,000 in November 2017.

“Since 1988, the average change in the median sale price between October and November has been an increase of 0.8 percent. November 2018 marked the 80th consecutive month in which the Southern California experienced a year-over-year increase in the median sale price. Southern California’s median sale price hit an all-time high of $537,000 in June 2018. When adjusted for inflation the November 2018 median remained 12.5 percent below its peak in July 2007,” CoreLogic stated.