Home Sales Slow In September In San Diego County, Statewide

SAN DIEGO, CA — Home sales slowed in September in San Diego County and across the state, the California Association of Realtors announced Thursday.

The county saw a 1.0% decline in sales compared to August, but a 9.4% increase over September 2023.

Statewide, September's sales pace fell 3.4% from the 262,050 homes sold in August and was up 5.1% from a year ago, when a revised 240,840 homes were sold on an annualized basis. The sales pace has remained below the 300,000- threshold for the past two years, while year-to-date home sales edged up 0.9% from the first nine months of 2023, according to statewide figures.

"The inventory of homes for sale has steadily improved in recent months as the market moves into the typical off-peak home-buying season," CAR President Melanie Barker said in a statement. "With home prices likely to moderate further in the coming months, the fourth quarter could offer an opportunity for potential buyers who have been waiting to re-enter the market, especially as interest rates gradually return to historical averages."

The median price of an existing, single-family home declined somewhat in San Diego County, from $1.01 in August to $1 million in September -- up from $973,100 at the same time last year.

Statewide, the median price of an existing, single-family home was $868,150 in September, down slightly from $888,740 in August and from $843,500 in September 2023.

San Mateo County had the highest median price in September at $2.1 million.

— City News Service