NewsMaking It In San Diego


Making It in San Diego: Home sales experience steady six-month decline

Posted at 5:43 PM, Dec 07, 2018
and last updated 2018-12-07 21:12:22-05

SAN DIEGO (CNS) - Sales of previously owned single-family homes and attached properties like condominiums and townhomes both fell more than 15 percent from October to November, according to data released Friday by the Greater San Diego Association of Realtors.

Single-family home sales fell from 1,719 in October to 1,452 in November, a 15.5 percent drop. Attached property sales suffered an even steeper drop, falling 22.8 percent from 942 in October to 727 in November. Home sales have trended down in the second half of the year since the high water mark of more than 2,200 single-family homes and nearly 1,200 attached properties sold in June.

Month-over-month home prices also fell from October to November, albeit not as drastically. Single-family home prices dropped 1.4 percent from $643,700 to $635,000, while attached property prices fell 5 percent -- from $418,000 to $397,000. Prices of single-family and attached properties have remained steady for most of the year, according to the GSDAR.

``The end of the year and the holiday season are usually a sluggish time for home sale activity,'' said SDAR President Steve Fraioli. ``But it does appear that the pace of home price growth has slowed. Buyers should keep watch for price reductions on homes they want for Christmas.''

Year-over-year single-family home sales fell 19.4 percent, from 1,802 in November 2017 to 1,452 last month. Attached property sales likewise fell 20.3 percent, from 912 to 727.

Median prices for single-family homes ticked up slightly, increasing 1.6 percent from $625,000 in November 2017 to $635,000 last month. Year-over-year attached property prices dipped by 2 percent, however, from $405,000 in November 2017 to $397,000 this year.

According to the GSDAR, Realtors sold 39 single-family homes in Encanto last month, the most of any zip code in San Diego County.