San Diego Condo Prices Jump 6 Percent in June Amid Housing Shortage

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Condominiums on West Harbor Drive in downtown San Diego. Photo via Wikimedia Commons

Condominium prices jumped 6 percent in June in a further sign of the housing shortage in San Diego, the Greater San Diego Association of Realtors reported Thursday.

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The median price for all attached properties, including condominiums and townhomes, was $415,000 in June, 6 percent higher than in May, and 10 percent higher than in June of last year.

Single-family home prices edged up 1 percent month-over-month to $619,900, and were also 10 percent higher than in June 2016.

Sales of both types of housing fell in June compared to last year amid lack of inventory. In June, single-family homes were selling in an average of 28 days, while condos and townhomes closed in an average of only 20 days.

“These statistics point to the gravity of the housing shortage in San Diego and California,” said Realtors association President Bob Kevane. “This isn’t a crisis that occurred overnight, and it will take some bold changes to Prop 13 to keep us from becoming a renter-majority state.”

The most expensive residential property sold in San Diego County last month was a 12,500 square-foot estate with panoramic views in Rancho Santa Fe that sold for $11 million.

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