Monthly Home Sales in San Diego County Drop by Double Digits Again

SAN DIEGO (CNS) - Sales of previously owned single-family homes and attached properties like condominiums and townhomes fell by double digits in January for the third straight month, according to data released today by the Greater San Diego Association of Realtors.

Month-over-month single-family home sales fell 20.7 percent, from 1,480 in December to 1,173 in January. Attached property sales fell by 16.7 percent, from 658 at the close of 2018 to 548 last month. Sales of both types of properties peaked last June, when more than 2,200 single-family homes and roughly 1,200 attached properties changed hands.

Monthly median sales prices varied slightly for both property types. Single-family home prices dipped by 1.6 percent, from $625,000 to $615,000, while median attached property prices edged up by about $500, or 0.1 percent, from $414,500 to $415,000 from December to January.

Properties closed escrow in an average of 40 days last month, according to the GSDAR.

``While January can be a sluggish month for home sales, the number of homes on the market is up by more than 30 percent from a year ago,'' said GSDAR President Kevin Burke. ``I'm hoping this will boost the optimism of home buyers as we head into the spring.''

Year-over-year home sales also fell by double digits for both single- family and attached properties. Single-family home sales in January decreased 13.3 percent compared to the year-ago period -- from 1,353 to 1,173. Attached property median sales prices fell by roughly double that of single-family homes, 26.2 percent, from 743 in January 2018 to 548 last month.

Median year-over-year January sales prices for both property types were up, with single-family home prices increasing 3.7 percent -- from $595,000 to $615,000 -- while attached property prices increased 2.7 percent, from $405,000 to $415,000.

County Realtors sold 42 single-family homes in Santee last month, the most of any ZIP code in the county, according to the GSDAR.

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