San Diego single-family home sales ended 2022 at a “low point,” with December volume down over 46% compared to a year ago, though prices largely held up, the Greater San Diego Association of Realtors reported Thursday.
“San Diego home sales hit a low point in December, closing out a turbulent year for the housing market, with inflation, interest rates, and affordability taking their toll,” the association said in a statement.
Sales of single-family homes fell 2.2% from November to December and were down 46.2% from December 2021. Sales of condominiums and townhomes fell 14.4% month-to-month and 53.9% year-over-year.
The median single-family price in December was $869,900, up 2.3% from a year ago, while attached properties sold at a median price of $585,000, down 0.9% from 2021.
“The slowdown of sales we saw in December reflects the hesitancy that buyers are feeling right now due to high borrowing costs and home prices,” said association President Frank Powell. “The good news is that our inventory is up over last year, a trend we hope will continue as local policymakers explore bold solutions to boost our housing supply.”
In December, the zip codes in San Diego County with the most single-family home sales were 92071 in Santee with 36 followed by 92114 in southeastern San Diego with 35.
The most expensive single-family property sold in December was a home in the Windansea neighborhood of La Jolla. The 5-bedroom, 4-bath oceanfront property went for $15 million.