For sale sign
A for sale sign in San Diego. Photo by Chris Stone

A new report shows February real estate sales in San Diego bounced back from a low in January, but still remain below where they were last year at this time.

The California Association of Realtors reported Monday that the number of existing single-family homes sold in San Diego County rose 4.7 percent from January to February, but were 3.9 percent less than in February 2017.

The median price rose to $605,000, compared to $590,000 in January and $559,950 a year ago. The supply of homes was tight, with the typical home on the market for just 13 days in February.

Lack of inventory was cited as a problem throughout the region, with the number of available listings statewide trending downward for more than two years.

“The Southern California market was not as robust as the Bay Area and the Central Valley with an overall sales decline of 2.8 percent when compared to last February,” the Realtors association said. “Additionally, all six Southern California counties recorded sales decreases on a year-over-year basis.”

What increase there was was likely do to concern that interest rates will rise, “which motivated buyers to rush in and close escrow before rates move even higher,” said Realtors President Steve White.

Chris Jennewein is Editor & Publisher of Times of San Diego.