Cost of Homes Continues to Rise, Sales Continue to Decline

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A home for sale in San Diego. Photo by Alexander Nguyen

The cost of homes that changed hands last month in San Diego County was up slightly, but sales numbers continued to decline, according to figures released by the San Diego Association of Realtors.

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The median price of a single-family home sold in October was $525,000, unchanged from September and 7 percent higher than October 2014. For attached homes like condominiums and townhouses, the median sales price was $354,000, up 4 percent for the month and 6 percent for the year, according to the SDAR.

The trade organization said 1,777 houses in San Diego sold in October, down 9 percent both from the month before and the same period last year. The 927 condos that changed hands last month was 14 percent below the level of September and 2 percent lower than October 2014.

The SDAR has been warning for months of low inventory which is resulting in the lower sales figures, which have slumped in five of the last six months.

“It’s looking more and more like consumers will finally see an interest rate increase by the beginning of next year,” said Chris Anderson, SDAR board president. “This could be the most profitable time to sell a house, and the best time for buyers to find their dream home.”

The most expensive listing sold in the county in October was a six- bedroom, 10-bath, 10,000-square-foot home in La Jolla, built in 1929, at a price of $8.3 million.

City News Serice

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