SAN DIEGO – Home prices in San Diego County fell in July compared to sales activity the previous month, the California Association of Realtors (CAR) announced Tuesday.
The median price in San Diego County fell in July to $1.02 million, compared to $1.05 million the month before, up 5.3% from July last year, but down 3.2% from June.
In Southern California as a whole, the lowest median price in July was $385,000 in Imperial County, showing no change from home prices the previous month.
Statewide sales for July rose 3.6% from 270,200 homes sold in June, and are up 4.1% from a year ago, when 268,840 homes were sold on a year-over-year basis. The sales pace has remained below the 300,000 threshold for 22 straight months, and year-to-date home sales are up 0.2% compared to the first seven months of 2023.
The statewide median price fell for the second straight month in July, after hitting a record high in May. The July median price fell 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 increase marked the 13th straight month of annual price increases, though it was the smallest since January, according to CAR.
The association said house prices could fall further in the coming months, but should continue to see moderate year-on-year growth for the rest of the year.
“California’s housing market began the second half of the year with a moderate increase in home sales in July as interest rates continued their downward trend,” Central African Republic President Melanie Parker said in a statement. “Despite the shift 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 further moderate in the third and fourth quarters.”
The average number of days it took to sell a single-family home in San Diego County was 16 days in July, four days longer than July last year.
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