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San Diego Real Estate Prices Continue to Climb Amid Sluggish Sales

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

The median price of a single-family home in San Diego rose 3 percent between January and February to $614,000 amid continued sluggish sales.

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That was the latest report from the Greater San Diego Association of Realtors, which said Wednesday single-family home sales totaled 1,337 in February, nearly the same as 1,339 in January despite fewer days in the month. But year-over-year, sales were down 12 percent.

Prices for condominiums and townhomes rose 5 percent month-to-month to a median of $426,000 — the highest ever. But sales fell 3 percent month-to-month, and were down 5 percent compared to last year.

The realtors noted that “prices continue to hike upward, while the actual number of sales labors under a lack of inventory.” The year-over-year increase in median price totaled 10 percent for single-family homes and 12 percent for condos and townhomes.

“Prevailing mortgage rates are starting to rise, which will have an impact on home-buying decisions,” said association President Steve Fraioli. “I’m hoping that optimism about the economy will contribute to shaking loose the market’s supply of homes this spring.”

The top zip codes for sales, with 31 each, were 92024 in Encinitas, 92114 in Encanto and 92019 in El Cajon.

A $21.5 million mansion on the Del Mar coast that closed in February was the most expensive home sold in the past 10 years — and one of the most expensive ever sold — in San Diego County. The oceanfront property is 6,200 square feet, with 5 bedrooms and 9 baths on 1.11 acres.

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