SAN DIEGO (CNS) - Sales of previously owned homes slowed in June after a steady increase since the beginning of the year, according to data released Monday by the Greater San Diego Association of Realtors.
According to the data, compiled through the San Diego Multiple Listing Service, the number of single-family home sales dropped 11% in June compared to May, and about a 5% decline from June 2023. Sales of attached properties such as condominiums and townhomes saw a more significant drop of 16% month over month.
The supply of homes for sale continue to improve from a year ago, up more than 44%.
The median prices of homes have stabilized, according to the SDAR, with single-family homes settling at $1.09 million -- unchanged from May -- and attached properties selling for a median price of $698,500 in June -- and increase of 2% over May.
Compared to this time in 2023, San Diego County home prices are up 10%.
"We are most excited to see that home supply has nearly doubled since 2023, as this is indicative of increased construction and buying options for consumers to meet the ever-growing demand of San Diego County," said SDAR President Spencer Lugash. "While home sales have slowed, we view this as the market beginning to correct itself to adapt to the high interest rates.
"With anticipated rate decreases by the end of the year, we expect sales to increase over the coming months. As always, we encourage our members to consult with a local realtor to help make the most educated purchasing decision before buying a home."
The top selling ZIP codes in June were Fallbrook with 50 properties sold, Rancho Bernardo East with 37, Rancho Bernardo West with 36, Spring Valley with 32 and Oceanside East and San Marcos tied with 29.
According to the SDAR, the most expensive single-family property sold last month in San Diego County was custom-built home less than a block from Coronado Beach. Built in 2007, the 3,600-square-foot home has 3 bedrooms, 5 baths, a butler's pantry and a rooftop terrace. It sold on June 21 for $9,825,000.
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