Home sales and prices cooled down in June throughout San Diego County, and recent figures show declining prices month over month for attached properties, according to statistics compiled by the Greater San Diego Association of REALTORS® (SDAR).
The median price of condominiums and townhomes declined nearly 5 percent month over month, according to statistics collected through the San Diego Multiple Listing Service by the SDAR. While the median price of single-family homes was priced just under $990,000, attached properties were priced at $638,000, compared to $670,000 in May, the report found.
Despite the declining numbers, the prices of single-family homes still rank 13 percent higher than one year ago. SDAR reports that attached properties are still 16 percent more expensive than the figures shown in June 2021.
“The good news for prospective buyers is that we’re beginning to see signs of a more balanced market with homes remaining on the market a little longer – however serious challenges with housing supply and affordability persist,” SDAR President Chris Anderson wrote in a news release.
Anderson said "there is a need to build more homes, but “regulatory barriers and development restrictions must be eased to keep pace with demand”.
SDAR's report also found the number of sales in single-family homes in June decreased by nearly 12 percent from May. The sale of single-family homes decreased by more than 35 percent from a year ago. Attached property sales saw a 14 percent decrease month-over-month in June and 33 percent lower than a year ago.
Resale properties were closing escrow in an average of only 19 days in June.
“As buyers also face uncertainty with interest rates and price growth, REALTORS can serve as a valuable resource for residents striving to reach their dream of homeownership. We are always ready to help navigate the home-buying process, from qualifying for a loan to closing on a property so that more people can invest in their future and achieve their financial goals,” Anderson said.
Click here to view SDAR’s full report on housing statistics collected through the San Diego Multiple Listing Service.