January home sales fall, prices remain steady

SAN DIEGO (CNS) - The number of area home sales dropped in January even as home prices rose slightly, according to data released Friday by the Greater San Diego Association of Realtors.

Single-family home sales fell by 24% compared to December 2019, and were down nearly 30% for attached properties such as condominiums and townhomes. But when compared to January 2019, sales were up 6% for single-family homes and 18% for attached properties.

The median price of a single-family home in January was $670,000 — up 1.5% from December and more than 9% higher than January 2019. The median price of attached properties was unchanged from $440,000 in December but was up 7% from the year-ago period.

"Buyer demand remains healthy, as San Diegans see low interest rates, low unemployment and, perhaps most significantly, rising rents," said GSDAR President Carla Farley. "This sets us up for a strong start to the 2020 housing market."

The zip codes with most single-family sales tended to be more rural and suburban, such as Fallbrook, Ramona, Spring Valley and Escondido and Oceanside north zip codes.

The most expensive property sold in January was a Ken Ronchetti-designed home on its own sea bluff in La Jolla Farms, built in 2003. The 8,627-square-foot home, which has five bedrooms and seven bathrooms, fetched $15.25 million.