The median price of single-family, re-sale homes reached $500,000 in July for the first time since November 2007. It stayed there in August.
After nineteen months of double-digit price gains, the median price has cooled off to single-digit gains the past five months.
Home sales dropped in August, year-over-year, for the thirteenth month in a row.
Pending sales jumped 17.5% year-over-year. That’s the second month in a row pending sales have been higher than the year before. Previously, pending sales had dropped for sixteen months.
Inventory continues to improve. It has been higher than the year before for the past eight months. Currently there are 9,133 active single family homes for sale on the San Diego MLS. This is up from the same time last year where we saw 6,980 homes for sale. Condos in San Diego follow a similar trend. There are 3,048 condos for sale in San Diego. This is also up compared to last year when we saw only 2, 332 for sale in San Diego.
The metro and “walkable” neighborhoods of San Diego continue to be highly desirable with well priced homes going into escrow in about 2 weeks of hitting the market. Overall the next few months before the holiday season kicks in will be something to watch as we finish the year in San Diego’s real estate market, hopefully with a bang!
Tami McCraw
