San Diego County home sales fell in July, while the median sale price of single-family homes continued to stabilize above $500,000, according to new housing statistics from the Greater San Diego Association of Realtors (SDAR). Single-family resale homes sold in July decreased by about 13 percent, compared with sales in June, while sales of previously owned condominiums/townhomes fell about 2 percent.
The median price of single-family homes sold in July was $517,000, down slightly from June but still 7 percent higher than July of 2013. Condos and townhomes sold at a median price of $325,000, down by about 3 percent from June and about the same as a year ago.
Meanwhile, the number of active listings in San Diego County is approaching 8,500 on the Multiple Listing Service (MLS). That is the highest it’s been in 2 ½ years, yet it represents only about three months of inventory. Six months of housing stock is generally considered a healthy inventory level, a point the San Diego market hasn’t seen since 2011.
On average, homes continue to stay on the market less than 40 days and are selling 19 percent faster than a year ago and nearly 50 percent faster than in 2012.
“Our real estate market has been seeking a sustainable equilibrium for some months now,” said Leslie Kilpatrick, SDAR president. “Our local economy remains in a fragile healing stage, yet properly priced homes continue to sell quickly, and inventory levels are still relatively low. Long-term, the San Diego region will need to see quality job growth and more first-time homebuyers to fuel greater sales volume and further price gains.”
The most expensive listing sold last month in the county was a seven-bedroom, eight-bath, 8,700-square-foot home in La Jolla that sold for $8.25 million.