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

The number of sales of existing homes in the county plunged in July, both on a monthly and annual basis, the San Diego Association of Realtors reported Tuesday.

The trade group reported that 2,089 single-family home changed hands last month, down 13 percent from the month before, and 16 percent lower than the same period last year.

The median price of a house in July was $565,000, up $2,000 from June and $16,000 from July 2015, according to SDAR data.

For condominiums and townhomes, 1,070 sold in July, 18 percent fewer than June and 16 percent less than July 2015.

The SDAR said the median price of a condo transaction was $381,000, up $4,000 from the month before and almost $42,000 from last year.

Real estate sales figures in San Diego County and many areas of the country have been hurt by a combination of high prices and low inventory, as fewer people make their homes available for purchase.

“The market is anxious for more home sellers to build up our local inventory,” SDAR President Cory Shepard said.

According to the SDAR, the average residential property in San Diego County was gobbled up by a buyer in four weeks.

The most expensive property sold in July was a 4,600-square-foot, six- bedroom, seven-bath, Nantucket-style beach house in Coronado, built in 2014, with a price of $6.15 million.

—City News Service