San Diego Home Prices Rise, Sales Lag: Report

SAN DIEGO, CA — The number of homes that changed owners in the San Diego region last month continued to fall, according to statistics released Monday by a local Realtors group.

In September, 1,932 single-family homes were sold, a 15 percent drop from August and down 2 percent from September 2015, the San Diego Association of Realtors reported. The median sales price of a house last month was $570,000, up 1 percent over the previous month and 9 percent higher than the year prior.

As for condominiums and townhomes, 1,018 changed hands, 16 percent fewer than August and 7 percent below the total of September of last year. The median sales price for attached homes in September was $375,000, the same as the month before and 10 percent above the level of last year.

While prices have continued to climb, sales totals in San Diego County have lagged in recent months because of constricted inventory.

Over the longer term of the first nine months of 2016, however, sales of existing homes in the region have slipped just 1 percent, according to SDAR.

"While some of our momentum has slowed from the summer, the stability of sale prices is a silver lining," said SDAR President Cory Shepard. "In a perfect scenario, the rise in rental rates and employment opportunities should bolster an interest in home buying, but it's not a guarantee."

The most expensive property sold in September was a 7,065-square-foot, six-bedroom, six-bath house on the coast of La Jolla, built in 1990, with a price tag of $11 million.

— City News Service

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