Monthly home sales improve, yearly real estate numbers still bearish

Sales of previously owned single-family homes and attached properties like condominiums and townhomes ticked up last month after three straight months of double-digit losses, according to data released by the Greater San Diego Association of Realtors.

Monthly sales of single-family homes jumped 4.4 percent from 1,193 in January to 1,246 in February. Month-over-month sales of attached properties increased even more, a 14 percent jump from 559 in January to 637 in February.

Home sale numbers increased last month for the first time since October 2018.

Month-over-month median home prices continued to hover around where they've been over the last year. Single-family home prices increased 2.4 percent from $615,000 in January to $630,000 last month. Median attached property prices only rose $1,500 and 0.4 percent, from $413,500 to $415,000 last month.

“The housing market has proven to be resilient despite predictions of a tougher year for the industry,” SDGAR President Kevin Burke said. “I’m particularly encouraged by the double-digit increase in the number of homes on the market in San Diego compared to last year.”

While the number of homes on the market is up, year-over-year home prices remain more than 10 percent under last year’s sales figures. Local Realtors sold 1,434 single-family homes in February 2018 and 1,246 last month, a 13.1 percent drop. Attached property sales fell by 18.1 percent, from 778 in February 2018 to 637 last month.

Year-over-year median pricing for single-family homes ticked up while attached property prices dipped slightly. Single-family home prices rose 3.1 percent from $610,999 last year to $630,000 last month while attached property prices fell 1.9 percent from $423,250 in February 2018 to $415,000 last month.

Local Realtors sold 36 single-family homes in southern San Marcos last month, the most of any ZIP code in the county.