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Home sales up in June, still down from 2013

Sales of previously owned single-family homes in San Diego County increased in June from May, but were still down from the previous year, as prices continue to go up, according to the Greater San Diego Association of Realtors (SDAR).

"The fundamental strength of the San Diego real estate market where long-term demand will exceed supply is clearly shown in these numbers," said SDAR 2014 President Leslie Kilpatrick. "Strong sales, improved inventory, steadily rising prices combined with low interest rates, all point to continued opportunity in San Diego real estate."

There were 1,943 previously owned single-family homes sold in June, up 14 percent from May when there were 1,703 sold, and down 9 percent from June 2013 when there were 2,145 sold.

Sales of previously owned condominiums increased 16 percent from 750 in May to 870 in June, and decreased 13 percent from 1,003 in June 2013.

The number of active listings in San Diego County on the Multiple Listing Service (MLS) has risen to nearly 8,000, a level that hasn't been seen since February 2012. The average amount of time between home listings and close of escrow fell to less than 40 days in June.

In June, the ZIP codes in San Diego County with the most single-family home sales were: 92009 (Carlsbad) with 62; 92130 (Carmel Valley) with 52; 92024 (Encinitas) with 51; 92127 (Rancho Bernardo) with 48; and 92026 and 92027 (Escondido), each with 48.

The median sales price of a single-family resale home increased 5 percent from $500,000 in May to $525,500 in June, and increased 9 percent from $481,000 in June 2013. The median price of condos and townhomes was $334,500 in June, which was unchanged from May, but up 11 percent from June 2013.

The combined median sale price of all resale properties in San Diego County is more than 9 percent higher than a year ago.

The most expensive listing sold last month in the county was a six-bedroom, seven-bath, 10,200-square-foot home in Del Mar that sold for $14.5 million.

SDAR's housing statistics are compiled monthly from the MLS.

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San Diego Association of Realtors

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San Diego Association of Realtors Executive(s):

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Mark Marquez

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