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June HomeDex: prices up, sales down

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The North San Diego County Association of Realtors’ HomeDex report for June is out, and the data is all but shocking: median home prices are up, sales are down and affordability is relatively stable, though mixed throughout the county. One statistic of note: the price-per-square-foot for a single-family attached home in North San Diego County topped $300 for the first time since the organization's records began in 2008, hitting $303 per foot in June.

The median-priced single-family detached (SFD) home in San Diego County increased 6 percent to $530,000 in June from $500,000 in May, and increased 9.28 percent year-over-year. The North San Diego County SFD median price also increased, up 8.8 percent to $612,000 in June from $565,500 in May and 8.32 percent higher year-over-year.

The median-priced single-family attached (SFA) home in San Diego County also increased, up 11.3 percent from June 2013 to $335,000 in June 2014, and the North San Diego County median SFA home price increased 4.74 percent to $398,500 in June from $380,450 in May, and increased 19.51 percent year-over-year.

Sales of SFD homes were down 1.94 percent countywide from May to June, and down 6.56 percent from June 2013, though North San Diego County sold SFD units increased 2.77 percent in June from May, but decreased 8.47 percent year-over-year.

Sales of SFA units also fell, with the number sold countywide down 4.67 percent from May and 11.19 percent from June 2013. The number of North San Diego County sold SFA units decreased 10.12 percent from May to June and decreased 16.11 percent year-over-year.

In terms of affordability, 30 percent of San Diego County households were able to afford the county’s median-priced SFD home in June -- the same level as in May, but down from 35 percent in June 2013. The North San Diego County affordability percentage decreased to 24 percent in June from 27 percent in May, the East County level increased slightly to 43 percent from 41 percent in May, the South County affordability decreased to 38 percent in June from 39 percent in May, and the San Diego Metro affordability increased to 28 percent in June from 26 percent in May.

The SFA affordability was also mixed, with the percent of San Diego County households able to afford the median-priced SFA home in the county up from 50 percent in May to 56 percent in June, but down slightly from 58 percent in June 2013. The North County affordability decreased from 44 percent in May to 43 percent in June, East San Diego County affordability decreased from 68 percent in May to 67 percent in June, South County SFA affordability increased from 59 percent in May to 60 percent in June, and the San Diego Metro area affordability increased from 47 percent in May to 51 percent in June 2014.

Other key points in the report include the increasing number of North County SFD listings, up 10.86 percent from May to June and up 34.31 percent year-over-year, and the increase in price-per-square-foot of both detached and attached homes. The North County detached price jumped from $277 in May to $288 in June, up from $261 in June 2013, and the SFA median price-per-square-foot increased from $295 in May to $303 in June, up from $278 year-over-year.

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