Written by Nicholas Vetrisek
Home sales are down and prices are up. What else is new? According to the Greater San Diego Association of Realtors, single-family home sales are down 7.4%, which translates to roughly 150 fewer homes sold than the previous month. Adding to this state of affairs is the fact that home prices have increased from $657,000 to $660,000.
San Diego Association of Realtors President Kevin Burke stated that “the 30-year mortgage rates are approaching the historic lows of 2016… Whether that can give the housing market some relief is still dependent on an increase in our supply of homes for sale. Until then, buyers will have to be on their game.”
Compared to last year, property sales fell for August 2019. There was a 3.8% decrease in single-family home sales and a 6.9% drop for attached properties in comparison to 2018. This is a combined total of 153 fewer homes sold when comparing last month to August 2018.
Despite the rather large drop in sales, prices have remained relatively stable. Single-family homes have actually decreased in price by 0.8% from $660,000 to $655,000, but attached homes have increased by 3.8% from $425,000 to $440,000 since last year.
