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San Diego Property Sales Fall In October, Prices Increase

A 'For Sales' sign in front of a home in San Carlos in this undated photo.

Photo by KPBS Staff

Above: A 'For Sales' sign in front of a home in San Carlos in this undated photo.

Countywide sales of previously owned single-family homes and attached properties both fell from September to October while prices increased, according to data released Thursday by the Greater San Diego Association of Realtors.

Sales of single-family homes fell 4.9% from 1,862 in September to 1,771 in October while attached-property sales fell 2% from 943 in September to 924 last month. Sold listings of both property types have fallen for four consecutive months, according to the GSDAR.

Median sale prices of single-family homes rose 3.1% from $645,000 in September to $665,000 in October while attached property prices increased 2.4% from $419,000 in September to $429,000 last month. GSDAR President Kevin Burke argued sales fell and prices increased due to a limited supply of available properties.

"Rising prices and low inventory are still a burden on our state and local housing economy," Burke said. "But mortgage rates that are approximately 1% lower than at this time last year should give some lift to buyer demand."

Single-family home sales increased 1.9% from 1,738 in October 2018 to 1,771 last month while attached property sales decreased 3.8% year-over-year, from 960 in October 2018 to 924 in October of this year.

Year-over-year median sales prices increased by more than 2.5% for both property types. Single-family home prices rose 3.3% from $643,900 in October 2018 to $665,000 last month while attached property prices rose 2.6% from $418,000 in October of last year to $429,000 last month.

Real estate agents sold 54 single-family homes in Fallbrook last month, the most of any ZIP code in the county. El Cajon was the only other ZIP code with 50 or more sold in the month.

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