Home sales fell in July while the median sale price of single-family homes in San Diego County continued to stabilize above $500,000, according to new housing statistics from the Greater San Diego Association of Realtors (SDAR).
Single-family resale homes sold in July decreased by about 13 percent compared to June, and were down 25 percent compared to July 2013. Sales of previously owned condominiums and townhomes fell about 2 percent compared to June and were down 21 percent from July 2013.
The median price of single-family homes sold in July was $517,000, down 2 percent from June when the median price was $525,500, and up 7 percent from July 2013 when the median price was $485,000.
Condos and townhomes sold at a median price of $325,000, down by about 3 percent from June, and up 2 percent from July 2013.
The number of active listings in San Diego County is approaching 8,500 on the Multiple Listing Service (MLS). That is the highest it's been in two-and-a-half years, yet it represents only about three months of inventory. Six months of housing stock is generally considered a healthy inventory level, a point the San Diego market hasn't seen since 2011.
On average, homes continue to stay on the market less than 40 days and are selling 19 percent faster than a year ago and nearly 50 percent faster than 2012.
"Our real estate market has been seeking a sustainable equilibrium for some months now," said Leslie Kilpatrick, SDAR board president. "Our local economy remains in a fragile healing stage, yet properly priced homes continue to sell quickly and inventory levels are still relatively low. Long-term, the San Diego region will need to see quality job growth and more first-time homebuyers to fuel greater sales volume and further price gains."
In July, the zip codes in San Diego County with the most single-family home sales were: 92028 (Fallbrook) with 49; 92071 (Santee) with 46; 92115 (College Grove) with 44; 92009 (Carlsbad) with 43; and 92128 (Rancho Bernardo), also with 43.
The most expensive listing sold last month in the county: a 7-bedroom, 8-bath, 8,700-square-foot home in La Jolla that sold for $8.25 million.
SDAR's housing statistics are compiled monthly from the Multiple Listing Service (MLS).
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Aug. 20, 2010 -- Executive Editor George Chamberlin speaks with Mark Marquez, 2010 SDAR president, at the San Diego Association of Realtors' Real Estate Summit.