Real estate prices in San Diego County fall in July

Real estate prices in San Diego County fell in July compared to the previous month's sales activity, the California Association of Realtors said Tuesday.

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

The statewide median price fell for the second consecutive month in July after hitting a record high in May. The median price in July fell 1.6% from $900,720 in June to $886,560 in July. The median home price in California was 6.5% higher than the $832,530 recorded in July 2023. The year-over-year increase marked the 13th consecutive month of annual price increases, according to CAR, although the smallest since January.

While home prices may decline further in the coming months, they are expected to continue to show moderate year-on-year growth for the rest of the year, the association said.

“The California real estate market kicked off the second half of the year with a modest increase in home sales in July, while interest rates continued their downward trend,” said CAR President Melanie Barker in a statement. “Despite moving into the off-season, the market should remain buoyant in the coming months as the availability of homes for sale continues to improve and mortgage rates continue to decline in the third and fourth quarters.”

The median price in San Diego County was $1.02 million in July, down from $1.05 million in the previous month. This represents an increase of 5.3% from July of the previous year, but a decrease of 3.2% from June.

In Southern California as a whole, the lowest median home price in July was $385,000 in Imperial County, unchanged from the previous month.

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

— City news service