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County Home Sales Drop By Double Digits At 2018’s Close

A house for lease in San Diego, Oct. 29, 2018.

Photo by KPBS Staff

Above: A house for lease in San Diego, Oct. 29, 2018.

Sales of previously owned single-family homes and attached properties like condominiums and townhomes fell by double digits for the second consecutive month in December 2018, according to data released Wednesday by the Greater San Diego Association of Realtors.

Single-family home sales fell 11.4 percent from 1,567 in November to 1,388 in December. Month-over-month sales of attached properties fell even further, a 23.3 percent drop from 781 in November to 599 in December.

Sales of single-family homes and attached properties also fell 15.5 percent and 22.8 percent, respectively, from October to November. Home sales figures trended down in 2018's second half after peaking at sales of more than 2,200 single-family homes and roughly 1,200 attached properties in June 2018.

Monthly median prices for single-family homes dipped slightly, a 1.6 percent decrease from $635,000 to $625,000. Median attached property prices rose 5.5 percent, however, from $397,000 in November to $419,000 in December. According to GSDAR data, home prices stayed roughly consistent throughout 2018.

"December can be a slow month, historically, but as we enter the new year we are continuing to watch for an improved base of home sales inventory," SDAR President Kevin Burke said. "Sellers may continue to have the upper hand, yet buyers will hopefully have more choices with which to bargain."

Year-over-year sales of single-family homes fell 19.9 percent from 1,733 in December 2017 to 1,388 in December 2018. Attached property sales suffered an even steeper year-over-year decrease, plummeting 32.5 percent from 887 in 2017 to 599 in 2018.

While yearly sales fell, prices for both single-family units and attached properties rose from December 2017 to December 2018. Median single-family home prices rose 2.5 percent from $610,000 in 2017 to $625,000 in 2018 while attached property prices jumped 3.6 percent from $405,000 in 2017 to $419,000 in 2018.

According to the GSDAR, realtors sold 40 single-family units in Carmel Valley in December, the most of any ZIP code in the county.

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