San Diego Assocation of Realtors has just released new figures and it's not looking good for the San Diego market with home sales rate proving to be generally low in both monthly and annual basis, KPBS reports.
The report showed that the rate of single-family homes sales in November was 25 percent lesser than that of the previous month at only 1,400, which is also 7 percent lower compared to the rate in the same time last year. In the case of attached homes like condos and townhouses, sales is 24 percent below compared to last month's at 738, which is also a 3 percent drop in the rate from that of the previous year.
However, San Diego Association of Realtors wants to give emphasis to the good sales standing in the early part of this year and that it's a more positive long-term picture. According to them, the drop in sales this fall won't drag down the fact that there is an 8 percent increase in houses that changed ownership this year compared to the previous year and condominium sales improved by 10 percent year-to-date.
Last month, houses were sold at a median price of $539,000 which is 3 percent more compared to last month's figures and 10 percent higher than the figures from the same time last year, based on the association's stats. Condominiums on the other hand were sold at a median price of $340,000 which is 4 percent below than the month before but 6 percent above from the same time in 2014.
"We aren't seeing any monster growth in home prices, which will be a good thing to maintain economic stability in the region," said San Diego Association of Realtors board President Chris Anderson. "Inventory and affordability are the other side of the spectrum, and both are keeping our home sales from shaking loose."