San Diego County Home Prices Soften in July

Home prices in San Diego County softened in July compared to the previous month’s sales activity, the California Association of Realtors announced Tuesday.

July’s sales pace statewide rose 3.6% from the revised 270,200 homes sold in June and were up 4.1% from a year ago, when a revised 268,840 homes were sold on an annualized basis. The sales pace has remained below the 300,000- threshold for 22 consecutive months, and year-to-date home sales edged up 0.2% from the first seven months of 2023.

The statewide median price slipped in July for the second month in a row, after setting a record high in May. July’s median price dipped 1.6% from $900,720 in June to $886,560 in July. California’s median home price was 6.5% higher than the $832,530 recorded in July 2023. The year-over-year gain was the 13th straight month of annual price increases, albeit the smallest since January, according to CAR.

Home prices could soften further in coming months but should continue to register moderate year-over-year growth for the rest of the year, the association said.

“California’s housing market kicked off the second half of the year with a moderate increase in home sales in July as interest rates continued their downward trend,” CAR President Melanie Barker said in a statement. “Despite transitioning into the off-season, the market should remain vibrant in the coming months if the availability of homes for sale continues to improve, and mortgage rates moderate further in the third and fourth quarters.”

The median price in San Diego County was lower in July at $1.02 million, compared to the previous month’s $1.05 million, a 5.3% increase from July of last year, but a 3.2% decrease from June.

In Southern California overall, the lowest median price in July was Imperial County’s $385,000, showing no change from the previous month’s home price.

The median number of days it took to sell a San Diego County single- family home was 16 days in July, four days more than July of last year.

— City News Service