San Diego’s housing inventory grows, prices drop significantly

SAN DIEGO (FOX 5/KUSI) — It may have gotten a little easier to buy a home in the San Diego market, according to a new report by Realtor.com.

In a housing overview of the nation’s largest metros last month, the median sales price for a home in the San Diego-Chula Vista-Carlsbad area was $999,000 — a 9% decrease from the same time last year, according to the real estate listings website.

In addition, San Diego was among the top three metros that saw the largest growth in newly listed homes compared to last year. Cincinnati reported a 31% growth while Seattle saw 30% and San Diego had a nearly 23% increase, the report showed.

The inventory of homes for sale increased in all 50 of the nation’s largest metros compared with last year, but San Diego was also among the top three that saw the most growth as of last month.

San Diego saw an 80% increase in inventory while Tampa topped the list at 90% and Orlando reported nearly 77%, the report said.

However, although the median listing price for homes in the region fell compared to last year, the price per square foot has increased by just over one percent.

The housing market is also nowhere near its pre-pandemic condition. The median listing price in August for a home in the San Diego-Chula Vista-Carlsbad market was almost 41% higher than the same time in 2019, according to Realtor.com.

The other 49 metros on the list had a similar story last month. The median price in Milwaukee, Wis., Philadelphia, Penn. and Cleveland, Ohio saw the biggest increases from 2019’s numbers.

Meanwhile, home sales nationwide remain sluggish. The typical home spent a week longer on the market in August compared to the same time last year, Realtor.com said.

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