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San Diego Housing Sales Continue To Drop As Median Prices Rise

A house for sale in San Diego, Aug. 14, 2013.
Associated Press
A house for sale in San Diego, Aug. 14, 2013.

With the number of homes on the market in the San Diego region still at a relatively low level, property sales figures continued to dip last month, a real estate trade group reported Thursday.

The San Diego Association of Realtors said 1,900 single-family homes were sold in October at a median price of $611,250. The sales total was 2 percent below September and 7 percent lower than October 2017. The median cost was $1,250 above September and $33,250 more than in October last year.

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For condominiums and townhomes, 978 changed ownership, with a median price of $407,000. The sales tally was down 3 percent for the month and 8 percent for the year, according to SDAR data. The median price was $2,000 more than September and $26,000 above October 2017.

"Realtors and home builders are watching with vested interest the negotiations for tax code reform in Washington," said SDAR President Bob Kevane.

"Decisions about the mortgage interest deduction could have a drastic effect on the incentives to be a homeowner versus a renter," Kevane said. "SDAR and its members are lobbying our elected representatives to keep the deduction intact."

The most expensive residential property sold in San Diego County in October was a 5,900-square-foot gated craftsman home with panoramic views in Point Loma, which fetched $6.5 million.