House for sale in La Mesa. Photo by Chris Stone
House for sale in La Mesa. Photo by Chris Stone

Realtors in San Diego County reported a 19.8% decline in single-family home sales in October, but reassured owners that prices are “maintaining most of their value.”

The Greater San Diego Association of Realtors said 1,188 single family homes were sold in October, compared to 1,481 in September and 2,078 in October 2021.

The median price fell 22.5% to $884,000, but was still nearly 3% higher than a year ago.

“While the market continues to evolve over the next year, we expect that San Diego will remain one of the most expensive markets in the nation, as severely limited housing inventory will prevent large home price drops,” said Chris Anderson, president of the Realtors association.

“Owning a home is still one of the best ways to create economic opportunities and build generational wealth, but for first-time homebuyers looking for the right time or the right price to get into the market, it can be a very confusing time,” he added.

Sales of condominiums and townhomes also declined, by 21.5% from September to October, and by 44.3% over the past year. But the median price actually rose from $600,000 in September to $616,000 in October.

The zip codes with the most sales were 92028 in Fallbrook with 46, 92071 in Santee with 39
and 9197 in Spring Valley with 38.

The most expensive property sold in October was a 2016 home on the ocean bluff in La Jolla Farms that fetched over $18 million.

The Realtors association’s housing statistics are compiled monthly from the multiple listing service.

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