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Median price of single-family homes crosses $1 million in San Diego County

City News Service

SAN DIEGO – The median price of a single-family home passed $1 million in August and attached properties also set a high-water mark, the Greater San Diego Association of Realtors announced Sept. 11.

The SDAR used data collected on the San Diego Multiple Listing Service to find the median price increased to $1,025,000, despite what the association is calling `”some of the slowest home sale numbers in recent history.'' The August numbers are up 3% over July and a whopping 13.5% higher than one year ago.

Additionally, attached home prices – such as condominiums and townhomes – were up nearly 6% over July – hitting a record $677,000, almost 9% higher than a year ago.

“Home sales remained slow in August due to high interest rates and our severe lack of inventory – which is also keeping home prices high,'' said SDAR President Frank Powell. “While this may be discouraging to prospective buyers, it is still possible to find the right home with the right patience and planning.''

According to an SDAR statement, sales of single-family and attached homes were down 19% from last August. The number of active properties on the market in August was down 5% from July, while the average number of days resale homes are remaining on the market is hovering around one month.

The most expensive single-family property sold in August in San Diego County was Crescent House, a futuristic home by Wallace E. Cunningham on Neptune Avenue in Encinitas that was featured in HBO's `”Westworld.'' The five-bedroom, six-bath house has more than 6,300 square feet on panoramic oceanfront and sold on Aug. 19 for $16.25 million.

In August, the zip codes in San Diego County with the most single-family home sales were Fallbrook – with 53 sales – Santee, Encinitas, Oceanside North, the Encanto neighborhood of San Diego, Escondido North and Vista East.

Copyright 2023, City News Service, Inc.

 

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