08 Sep San Diego real estate prices fell in July

San Diego’s red-hot real estate market cooled off a bit in July, as prices of homes for sale in San Diego fell slightly, according to the most recent data from real estate data tracker CoreLogic.

Prices fell to a median of $470,000 for single-family home resales in July  — a $6,000 drop from June. Total sales dipped, from 4,467 transactions in June to 4,322 in July. Despite the declines, real estate analysts remain optimistic about San Diego real estate. Even though prices of real estate in San Diego were lower in July, they are still 5.6 percent higher than a year ago. That continues a consecutive, post-recession streak that has not been broken since April 2012.

Typically, real estate sales heat up in the summer, which is a peak buying season.

New home sales up

Not all July figures showed less activity, however. New home and condo median prices are up 11.9 percent, to $610,000 in July, from $545,000 in June, CoreLogic reported. The San Diego real estate market has boomed due to job growth, an improving economy, low mortgage rates and increasing consumer confidence. The number of real estate listings remains steady at 7,265, up from 7,153 in July, but down from 8,468 a year ago, according to the Greater San Diego Association of Realtors.

Compared to the month of July, mid-year figures for San Diego real estate fared much better. A six-month review of real estate in San Diego from January to June by CoreLogic shows the housing market is thriving in the county — surpassing year-long records. Activity surged during the first half of the year,  with home sales in the county up 13.2 percent to $11.78 billion from $10.4 billion a year ago, CoreLogic found.