SOURCE: Greater San Diego Association of REALTORS

Greater San Diego Association of REALTORS

September 11, 2015 11:58 ET

Home Sales Pull Back at the Close of Summer, According to Greater San Diego Association of REALTORS®

Year-to-Date, Median Prices Are up 6 Percent

SAN DIEGO, CA--(Marketwired - September 11, 2015) - Sales of previously owned homes dropped in August, while sale prices remain strong, according to new housing statistics from the Greater San Diego Association of REALTORS® (SDAR).

Resales of single-family homes fell 18 percent last month, compared to July, but were slightly higher (2 percent) than August of last year. Condominiums and townhomes saw a similar drop of 17 percent in August sales, but that number is 9 percent higher than the same month last year. Year to date, sales of all previously owned properties are up 10 percent.

Median prices continue to show strong and steady figures. The price of single-family homes in August was $540,000, a slight drop from July, but 8 percent higher than a year ago. Condos and townhomes (attached) properties saw a 3 percent month-over-month sale price increase ($350,000), and a 3 percent increase compared to a year ago. So far in 2015, prices across the board are up 6 percent.

Inventory of housing stock remains stagnant at about 2.6 months. (Five to six months is considered a healthy level.) Escrows closed in an average of only 33 days in August, demonstrating the competition for available homes in San Diego County.

"There's still no clear message that mortgage interest rates will be rising anytime soon," said SDAR's 2015 Board President Chris Anderson. "This market is just impatient for more sellers. There are buyers out there who have done their homework and are ready to jump in."

In August, the zip codes in San Diego County with the most single-family sales were:

  • 92078 (San Marcos South) with 68
  • 92028 (Fallbrook) with 66
  • 92027 (Escondido East) with 61
  • 92009 (Carlsbad Southeast) with 65
  • 92127 (Rancho Bernardo West) with 53

The most expensive listing sold in the county in August was a 7-bedroom, 9-bath, 17,000-square-foot estate in La Jolla, built in 1959, with a sales price of $17 million. Known as Fox Hill, the French-style country manor was formerly owned by the Copley publishing family and was sold to developer Doug Manchester.

SDAR's housing statistics are compiled monthly from the Multiple Listing Service (MLS). Click here for a detailed look at the numbers. Here is a summary:

MEDIAN SALES PRICE Comparing August 2015 to July 2015 (month over month)
Single-Family: 2 percent DECREASE
August 2015 = $540,000
July 2015 = $550,000

Condos/Townhomes: 3 percent INCREASE
August 2015 = $350,000
July 2015 = $340,000

MEDIAN SALES PRICE Comparing August 2015 to August 2014 (year over year)
Single-Family: 8 percent INCREASE
August 2015 = $540,000
August 2014 = $501,500

Condos/Townhomes: 3 percent INCREASE
August 2015 = $350,000
August 2014 = $340,000

TOTAL SOLD LISTINGS Comparing August 2015 to July 2015 (month over month)
Single-Family: 18 percent DECREASE
August 2015 = 2,017
July 2015 = 2,451

Condos/Townhomes: 17 percent DECREASE
August 2015 = 1,047
July 2015 = 1,254

TOTAL SOLD LISTINGS Comparing August 2015 to August 2014 (year over year)
Single-Family: 2 percent INCREASE
August 2015 = 2,017
August 2014 = 1,975

Condos/Townhomes: 9 percent INCREASE
August 2015 = 1,047
August 2014 = 961

With more than 12,000 members, the Greater San Diego Association of REALTORS® is the largest trade association in the county. We help our members, who adhere to a code of ethics and professional standards, sell more homes. We also help people realize the dream of home ownership, and we are dedicated to protecting private property rights. You can follow SDAR on Facebook, Twitter and YouTube.

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