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Economy

San Diego single-family home sales drop 17% in November, but median prices rise

A "for sale" sign outside of a house in South Park. San Diego, Calif. Nov. 24, 2023.
Lara McCaffrey
/
KPBS
A "for sale" sign outside of a house in South Park. San Diego, Calif. Nov. 24, 2023.

Single-family resale home sales fell by more than 17% in November, compared to October, data released Monday by the San Diego Association of Realtors revealed.

Additionally, sales of attached properties such as condominiums and townhomes were nearly 15% lower than the previous month. Total sales were about 14% lower than November of 2022. Homes were spending an average of 28 days on the market in November prior to close of escrow, according to an SDAR release.

Even with slowing sales, the median price of single-family homes increased by 2% in November to $980,000, more than 11% higher than a year ago. The condo and townhome median price was $667,500, slightly more than a 1% increase over October and 11% over November of last year.

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"Home sales dropping as we enter the December holiday season is a very typical phenomenon in a yearly housing market cycle," said Frank Powell, SDAR president. "While families begin to spend more on travel and gifts, home buyers and sellers become busier and more cash strapped, creating an anticipated demand shortfall.

"As the Fed mulls lowering interest rates going into 2024, we continue to urge buyers and sellers to remain diligent and continue to look for a chance to create generational familial wealth with the purchase of a home," Powell said.

According to the SDAR, the areas in San Diego County with the most single-family home sales in November were: Fallbrook with 34, Clairemont with 31, Oceanside North with 26, Oceanside East with 23, and Poway and Mira Mesa, both with 22.

The most expensive single-family property sold in November in San Diego County was a newly built estate in Rancho Santa Fe on Linea Del Cielo. On 10 acres, the home "includes a great room with a 21-foot cathedral ceiling, a 130- foot infinity pool and a detached guest house," the SDAR release read. With 12,800 square feet, seven bedrooms, eight baths, the property sold on Nov. 27 for $23.5 million.

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