San Diego’s real estate market saw a rare drop in home prices in June, the first time this year. The median home price fell to $890,000, down $5,000 from May, yet still up by 7.2% annually. Home sales hit a record low, with only 2,546 sales in June, the lowest for that month since 1988. Real estate analyst Mark Goldman suggests that this could indicate the market reaching its peak, as evidenced by an increase in for-sale signs. The median prices for different home types also fluctuated, with resale single-family homes at a median of $1,000,000, resale condos at $717,500, and newly built homes at $671,000. The region saw a 7.2% increase in prices over the year, as mortgage rates remain high at an average of 6.86% for a 30-year, fixed-rate mortgage.
The recent drop in home prices and record-low sales in San Diego could make homeownership more accessible for buyers due to slightly lower median prices. However, sellers may face a more competitive market with increased listed homes and decreased buyer demand, potentially leading to longer listing times and the need to make their properties stand out. Both buyers and sellers should seek guidance from real estate professionals to understand these changing conditions effectively.
Source: San Diego Union Tribune
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Shirin Rezania Ramos | 858.345.0685 | www.shirinramos.com | Compass, DRE 0203379
