Home prices in San Diego County increased in August for the second straight month, the California Association of Realtors reported Monday.
The median sale price of a single-family home in the county was $1 million last month, up from $969,020 in July, and up from $886,250 in August 2022, according to the association.
In August, San Diego County’s ratio of new houses for sale to new houses sold was 1.9, a slight drop from 2.0 in July. The ratio in August 2022 was 2.5, according to CAR’s survey. Time on the market last month was 13 days.
August’s statewide median home price was $859,800, up 3.3 percent from July and up 3.0 percent from August 2022, the report found.
Year-to-date statewide home sales were down 29.2 percent in August, CAR determined.
“Despite persistently high mortgage rates and availability of homes remaining extremely tight, there’s still solid interest from prospective buyers,” CAR President Jennifer Branchini said in a statement.
“The highly competitive housing market continued to provide support to home prices, with the statewide median price steadily improving since early 2023. As California housing prices continue to stabilize, buyers and sellers on the sidelines will get back into the market once interest rates begin to moderate in the fourth quarter.”
City News Service contributed to this article.