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Economy

Price of San Diego County homes slightly decreases, sales continues to grow

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.

The median price of sold homes didn't change much between April and May, but the number of sales continues to grow, it was announced Tuesday.

Single-family home sales last month increased by 4.4% and attached properties such as condominiums and townhomes jumped more than 7% month-over-month according to data compiled by the Greater San Diego Association of Realtors through the San Diego Multiple Listing Service.

Compared to the same period in 2023, existing home sales decreased but the supply of homes on the market is more than 50% higher than last year at this time.

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"We are eager to see May's increase in home sales," SDAR President Spencer Lugash said. "Even more exciting is the over 50% inventory increase of homes on the market this year compared to 2023."

The median prices decreased less than 1% from April to May. The price of a single-family home in May came in at $1,091,750. Condos and townhomes were virtually unchanged in price — $685,000 in May.

In May, the areas in San Diego County with the most single-family home sales were Fallbrook with 49, Carlsbad Southeast with 41, Escondido North and Solana Beach with 38 each, Poway and Rancho Bernardo East with 37 each and Oceanside East with 36.

According to the SDAR, the most expensive single-family property sold last month in the county was an oceanfront residence at Little Point in La Jolla. Built in 2007, the 3,600-square-foot home has 3 bedrooms, 5 baths and sold on May 20 for $17 million.