Single-family home sales in San Diego in November were up 19 percent from the same month last year, but limited inventory and rising mortgage rates are checking growth.
That was the conclusion of the San Diego Association of Realtors in the organization’s monthly report on sales and prices.
“Mortgage rates are on an upward trend, while the inventory of homes for sale has dipped dramatically in the San Diego region,” said Cory Shepard, president of the local Realtors group. “Along with affordability, those are factors that keep our housing market from shaking loose.”
Homes were on the market an average of 33 days before close of escrow in November, compared to 39 days a year ago.
The three zip codes recording the most sales were 92026 in Escondido, 92028 in Fallbrook and 92057 in Oceanside.
Condominium and townhome sales are also up, with a 16 percent increase from a year ago.
The most expensive property sold in the county last month was a 3,950-square-foot, 5-bedroom, 7-bath beachfront residence in Del Mar, built in 1958, with a price of $15.2 million.