SAN DIEGO – San Diego’s median price for single-family homes again hovered near $1 million in June and total sales were down as the market shows signs of balancing out, a new report by the Greater San Diego Association of Realtors shows.
The median price was $987,225 in June, up slightly from May after crossing the milestone $1 million mark in April, the agency said using data from the San Diego Multiple Listing Service. Prices fell nearly 5% month-over-month for condos and townhomes to $638,000, though it’s still up 16% from a year ago.
While the data only reflects sales with area realtors, it offers a monthly snapshot into a market that appears to be cooling into the summer months.
“The good news for prospective buyers is that we’re beginning to see signs of a more balanced market with homes remaining on the market a little longer,” SDAR President Chris Anderson said in a statement. “However, serious challenges with housing supply and affordability persist.”
For the month, 1,658 single-family homes were sold, down nearly 12% from May, while 920 condos and townhomes sold, marking a more than 14% decrease, the data shows. Of the monthly single-family sales, the largest share came in Fallbrook with 52 followed by Spring Valley at 47 and Poway with 43.
Forty also sold in Santee and 39 came off the market in Clairemont, according to the report.
San Diego continues to have one of the most expensive housing markets in the U.S. with double-digit increases in the median sales price compared to the same time last year. Total sales from listings have fallen sharply from June 2021, decreasing by more than 35% for single-family homes.
Anderson said the region must build more homes to overcome supply and affordability issues, “but regulatory barriers and development restrictions must be eased to keep pace with demand.”
“As buyers also face uncertainty with interest rates and price growth, REALTORS® can serve as a valuable resource for residents striving to reach their dream of homeownership,” he wrote. “We are always ready to help navigate the home-buying process, from qualifying for a loan to closing on a property so that more people can invest in their future and achieve their financial goals.”
June’s most expensive home sale in San Diego County was a $15.88 million acquisition of a seven-bedroom, 12-bathroom estate with a “competition-size horse arena” and a separate guest house in Rancho Santa Fe, the report shows.
See the agency’s full report from June by clicking here.