The number of houses and condominiums sold in San Diego County last month was down around 20 percent from the same period last year, according to statistics released Tuesday by the Greater San Diego Association of Realtors.
In August, 1,769 single-family homes changed hands, a 19 percent drop from August 2013, the data showed. Also, 849 attached homes were sold last month, a 22 percent decline from the same time last year.
"The market, overall, is stabilizing, but the impact of low inventory levels at key price points is present," said Leslie Kilpatrick, the San Diego Association of Realtors board president. "If our local economy continues to rebound and produce job growth at good wages, the market will benefit."
While the number of sales declined from last year, prices went up.
The median cost of a single-family home in the region last month was $510,000, a 6 percent increase over August 2013. Condos and townhouses sold in August for a median price of $340,000, which is 10 percent higher than the same month last year.
The number of active listings on the Multiple Listing Service in San Diego County remained stable at about 8,400, with just over three months of inventory. The association said that six months of housing stock is generally considered a healthy inventory level.
Homes that sold in August were on the market for an average of 40 days. Kilpatrick said it was encouraging to see that "properly priced homes" were selling quickly.
The most expensive listing sold last month in the county was a seven- bedroom, seven-bath, 10,200-square-foot home in La Jolla that was purchased for $9 million.
