Property sales fall by double digits as prices tick up in June

SAN DIEGO (KUSI) – Countywide sales of previously owned single-family homes and attached properties like condominiums both decreased by double digits from May to June, while median prices continued to increase, according to data released Thursday by the Greater San Diego Association of Realtors.

Month-over-month single-family home sales fell 13.6%, from 2,176 in May to 1,880 in June, while attached property sales fell 16.2% from 1,121 in May to 939. Prior to the decreases, single-family and attached property sales had increased each month in 2019.

Median sales prices for both property types increased from May to June, as they have done each month this year with the exception of attached property prices from March to April. Single-family home prices increased 2.4% — from $659,000 in May to $674,900 in June — and attached property prices jumped 3.5% from $430,000 to $445,000.

“San Diego certainly has difficult challenges with housing affordability and supply,” said GSDAR President Kevin Burke. “But low interest rates and the economy’s performance in general have contributed to a stable housing market here and across the country.”

Single-family home and attached property sales were both down in June compared to June 2018 levels. Single-family home sales fell 16.3% year-over- year, from 2,247 in June 2018 to 1,880 last month. Attached property sales fell even more, 19.9%, from 1,172 in June 2018 to 939 last month.

Year-over-year property prices rose by at least 3% for both property types. Single-family home prices rose 3.2% from $654,000 in June 2018 to $674,900 in June of this year. Attached property sales increased at a larger clip, jumping 4.8% from $424,5000 in June 2018 to $445,000 last month.

Realtors sold 55 single-family homes in western Rancho Bernardo last month, the most of any ZIP code in the county. Properties closed escrow in an average of 29 days last month, according to the GSDAR.

Photo: San Diego Home/Garden Lifestyles Magazine

Categories: Local San Diego News