Sales of single-family homes drop

SAN DIEGO – Sales of previously owned single-family homes in San Diego County dropped 10.5 percent in July compared to June, according to data released, Aug. 8, by the Greater San Diego Association of Realtors.

Month-over-month single-family home sales fell from 2,221 in June to 1,989 in July. Condominium and townhome sales fell from 1,162 to 994, a 14.5 percent drop, according to the association.

Single-family home sales and sales of condominiums and townhomes saw smaller decreases when compared to July 2017. The former decreased from 2,127 to 1,989, and the latter decreased from 1,136 to 994, drops of 6.5 percent and 12.5 percent, respectively.

The year-over-year drop is in spite of the supply of homes for sale is rising roughly 11 percent.

“Demand is still outpacing the supply of homes,” GSDAR President Steve Fraioli said. “But it’s clear that inventory of homes for sale has improved over last year. That should encourage buyers.”

While purchase rates fell, median home prices for both single-family homes and larger homes both rose from June to July. Single-family median home prices rose 0.3 percent from $655,000 to $657,000, while larger home prices rose 1.6 percent from $425,000 to $432,000.

The year-over-year price increases both sit around 6.7 percent, an average rise of roughly $34,000.