Single-family home sales dropped 14% in September compared to August, even as average home prices remained steady at around $1 million, it was announced Wednesday.
The data, pulled by the Greater San Diego Association of Realtors through the San Diego Multiple Listing Service, found that even with the month- over-month drop, home sales were 8% higher than in September 2023.
Sales of condominiums, town homes and attached properties saw a steeper decline of 22% over the previous month and were 5% less than the same time period last year.
According to the SDAR, resale properties were closing escrow in an average of 34 days, compared to 25 days a year ago.
While the median home price remained around $1 million, the price for attached properties declined 4% last month and was slightly less than in 2023 at $646,000. Collectively, home prices in September were about 5% higher than last September.
"The inventory of homes on the market continues on a positive trend, and we're still bullish on the prospects of lower interest rates," SDAR President Spencer Lugash said. "Hopefully buyers will recognize that the tide is turning and that they should connect with a realtor who knows the neighborhood and has their eye on what's available in this shifting market."
The hottest ZIP codes in San Diego County over the last month were:
- Fallbrook with 38 homes sold;
- Spring Valley with 32;
- Oceanside North with 31;
- Santee with 30; and
- Ramona with 29.
In September, the most expensive single-family property sold was an oceanfront home on Cuchara Drive in Del Mar built in 2003. With more than 5,000 square feet, 5 bedrooms, and 5 bathrooms, it sold on Sept. 19 for $15.5 million.
