Home prices in San Diego County rose in April for the second straight month, but still remained below the levels of a year ago, the California Association of Realtors said Thursday.
The median sale price of a single-family home in the county was $930,000 last month, up from $915,000 in March. The April figure, though, fell from $975,000 in April 2022, according to the association.
In April, San Diego County’s ratio of new houses for sale to new houses sold was 1.9, a slight rise from 1.7 in March. The ratio in April 2022 was 1.6, according to CAR’s survey.
Time on the market last month was 12 days.
Statewide, April’s sales pace was down 4.7% on a monthly basis from 281,050 in March, and down 36.1% from a year ago. That’s when a revised 418,970 homes were sold on an annualized basis, the report stated.
Sales of existing single-family homes in California remained below the 300,000-unit pace for the seventh consecutive month in April.
“While home sales declined in April, the market is getting more competitive as we’re seeing time on the market before selling down to 20 days in April from 33 days in January and the share of homes sold above asking price double from one in five at the beginning of the year to more than two in five in April,” said CAR President Jennifer Branchini.
She added that the increase in market competition helped boost the statewide median home price in April. It rose above $800,000 for the first time in six months.
– City News Service
