California’s diminishing inventory is the worst in the country, with San Diego’s down 56.7 percent in December compared to the previous year, according to Redfin’s Real-Time Home Price Tracker for December 2012.
There were 3,046 houses for sale in San Diego in December, down 56.7 percent from December 2011 and down 16.7 percent from November.
San Diego sold 2,410 houses in December, up 12.5 percent from December 2011 and up 8.5 percent from November.
The median price per square foot of single-family homes in San Diego for December was $113, up 13.6 percent from December 2011 and up 1.1 percent from November.
From Dec. 1 through 24, 41.2 percent of new listings in San Diego were under contract in two weeks or less.
There were fewer than 160,000 homes for sale across the 19 markets covered.
California continued to fare the worst in terms of diminishing inventory: Sacramento (-68.1 percent), San Francisco (-68.1 percent), San Jose (-67.9 percent), Ventura (-64.6 percent), Los Angeles (-61.2 percent), Inland Empire (-57 percent) and San Diego (-56.7 percent).
California is home to the five fastest-selling markets, determined by the percentage of homes that sell within 14 days of their debut: San Jose (58.2 percent), San Francisco (49.5 percent), Ventura (45.7 percent), Los Angeles (41.7 percent), San Diego (41.2 percent) and Inland Empire (39.2 percent).
California is also home to the slowest-selling market, Sacramento, where 3.5 percent of homes sell after being on the market for 14 or fewer days.
Listings continued to drop nationwide, falling to 33 percent below December 2011 and 44 percent below December 2010.
Because of the lack of homes on the market to buy, sales fell to their lowest level in 10 months, but still closed out the year slightly ahead of 2011.
Home sales ended the year in the black, up 3.4 percent from a year ago, and down 4.1 percent from November.
For 2012 as a whole, sales were up 9 percent from the total number of sales in 2011.
Home prices in December increased 11.3 percent year-over-year, but fell slightly month-over-month, losing 0.4 percent from November.
The number of homes for sale declined 33.0 percent from December 2011 to December 2012, and declined 11.5 percent since November.
The percentage of listings that were under contract within 14 days of their debut was flat for the third month in a row at 27.5 percent in December.
For 2012 as a whole, 26 percent of listings were under contract within 14 days, up nine points from the 17 percent figure for 2011.