The number of homes that changed owners in the San Diego region continued to fall last month, though the median sales price continued to climb, a Realtors group announced Wednesday.
The San Diego Association of Realtors reported that 2,011 single-family homes were sold in July, 20 percent less than June and 10 percent below the same month last year. The median sales price of a house in the region was $620,000, 1 percent above the month before and 11 percent above July 2016.
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For attached homes like condominiums and townhouses, 1,075 changed hands in July, 14 percent fewer than the previous month and 7 percent under last July's figure. The median condo sales price was $405,000, 1 percent lower than June but 7 percent above the cost in July 2016.
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"We are predominantly in a seller's market," said SDAR President Bob Kevane. "Savvy buyers, and particularly first-time buyers, will need to scramble and be purchase-ready, as they are faced with competing offers, sometimes over the asking price."
The most expensive property sold last month was a recently remodeled 3,500-square-foot oceanfront home in Encinitas featuring four bedrooms and five baths, at a price of nearly $8 million.
