Heading into the fall season, sales of San Diego County single-family homes slowed while condominiums and townhomes rose slightly.
One huge deal, though, on a sold home in La Jolla, capped off an August of mixed trends.
Resale purchases of single-family homes fell by 8% in August compared to July. In contrast, sales of condominiums and townhomes rose 3.5% from the previous month. The one-year change in closed sales for all properties amounts to just over a 2% drop.
Median home sale prices have seen little movement in recent months. The median price of a San Diego single-family home in August was $1.05 million, virtually unchanged from July.
The median price of condos and townhomes was $675,000, slightly lower than the prior month. For the 2024 year-to-date, home prices are still almost 8% higher than they were in 2023.
“We believe that San Diego County’s recent market performance is primarily due to a combination of buyers awaiting a drop in interest rates and markets awaiting the outcome of the November Presidential election,” said Spencer Lugash, San Diego Association of Realtors president.
“Slower markets like this do provide a unique chance for prospective buyers to enter the market with less competitive offers and we advise any prospective homebuyers to consult with their local realtoró before engaging in the home-buying process.”
In August, the most single-family homes were sold in Fallbrook (45), Poway (38), Santee (35), north Oceanside (33) and Clairemont (32).
In addition, a record-breaking single-family property was sold in August — La Jolla’s biggest-ever home purchase for $35 million.
Two former publishers of the San Diego Union-Tribune previously owned the Foxhill Estate on Country Club Drive.
It lies on a 30-acre property and includes orchards, gardens, a gym, an eight-car garage, a greenhouse, staff quarters, a formal dining room, a three-hole golf course, a pool pavilion and the 23,000-square-foot main house with 10 bedrooms and 14 bathrooms.
Data on the current resale market is compiled monthly by the SDAR through the San Diego Multiple Listing Service (SDMLS); a detailed look at the numbers is available online.
