Sales of previously owned homes pulled back in September compared to August, dropping 10.7%, the Greater San Diego Association of Realtors reported Monday.
Sales of condominiums and townhomes fell 15% in September and are down 39% from the same month last year.
“Rising interest rates combined with a severe lack of inventory are pushing many prospective buyers out of the market until inflation is under control and rates steady,” said Chris Anderson, president of the Realtors group.
September single-family home prices edged up to $915,000, while condominiums and townhomes saw a decrease of 3.5% to an even $600,000.
Collectively, prices are nearly 14 percent higher year-to-date over 2021. Resale properties were closing escrow in an average of 31 days last month, compared to 21 days last September.
“While slower price appreciation should lead to increased sales over the next year, our housing supply shortage is the fundamental issue affecting affordability,” Anderson said. “We are calling on local leaders to make building less costly and restrictive by cutting down on the red tape and fees that are driving prospective homebuyers and developers out of San Diego.”
In September, the zip codes in San Diego County with the most single-family home sales were:
- 91913 (Eastlake) and 92056 (Oceanside East), both with 39
- 92128 (Rancho Bernardo East) with 38
- 92028 (Fallbrook) with 37
- 92025 (Escondido North) with 34
- 92057 (Oceanside North), 92024 (Poway), and 92065 (Ramona), all with 33
The most expensive single-family property sold in September in San Diego County was an oceanfront custom home built in 1980 on Sea Ridge Drive in La Jolla. The 4,800-square-foot property with 5 bedrooms and 5 bathrooms sold for $9.5 million.
The Realtors group compiles statistics monthly from its multiple listing service.