Sales of single-family detached properties were down nearly 23% in September compared with August, according to industry data.
Home sales dropped sharply in September compared with August, ending a slow summer season with an even slower month, according to data released Monday by the Greater San Diego Association of Realtors.
Sales of single-family detached properties were down nearly 23% in September compared with August, according to the data, which SDAR compiles through the San Diego Multiple Listing Service. Additionally, attached properties such as condominiums and townhomes fell 20% from the previous month. Year-over-year, total sales of previously owned homes in the county were down 28% from September of 2022."As long as construction of new homes and neighborhoods remains consistently slow, the housing affordability crisis will continue to persist," said SDAR President Frank Powell.
"Unless the interest rates drop to around 5.5%, we will continue to see a slow market with historically low inventory," he said."Speculation is a gamble, and no one can tell you what the interest rates will do."Despite slow sales, median prices only dipped slightly last month, with single-family homes prices landing at $999,000, and condos/townhomes at $660,000, according to a SDAR statement.
The amount of time that homes remained on the market until close of escrow averaged only 25 days last month.The most expensive single-family property sold in September in San Diego County was a new custom 8,900-square-foot home on Las Planideras in Rancho Santa Fe designed by Atelier A. Tesselaar.
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