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Home Sales Decline In San Diego, Experts Say Homes Have ‘Reached Unaffordable Levels’

Real estate signs advertise the sale of three houses in a row in Encinitas in...

Photo by Associated Press

Above: Real estate signs advertise the sale of three houses in a row in Encinitas in San Diego County, July 13, 2006.

The number of homes in the region that changed owners in September declined dramatically from the previous month and from the same period last year as prices continued to climb in most categories, the San Diego Association of Realtors announced Monday.

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According to SDAR, 828 single-family homes were sold in September, down 20 percent from August and 13 percent from the same period last year. As for attached homes like condominiums and townhouses, 949 were sold last month, 18 percent fewer than the month before and 17 percent less than September 2016.

The association put some of the blame on prices.

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The median sales price of a house last month was $610,250 — $258 less than the prior month, but up $45,250 from a year earlier. For condos, the median sales price was $414,000, up $14,000 from August and $44,000 since September of last year.

"Home prices have reached unaffordable levels for many who may want to enter the housing pool," said SDAR President Bob Kevane. "Coupled with that, established owners who want to stay in San Diego see little benefit if they were to consider moving."

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The most expensive residential property sold in San Diego County last month was a remodeled beach cottage on the bluffs in Del Mar. The 2,300-square- foot home built in 1948 has two bedrooms and three baths, and sold for $10 million.


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