28 Sep San Diego real estate dips in August
The hot San Diego real estate market cooled in August, with tight inventory, falling home prices and lagging home sales during what is typically a busy summer selling month.
Real estate tracking company CoreLogic Inc found the median home prices of homes for sale in San Diego fell to $465,000 in August, down $5,000 from July but up 4.5 percent from one year ago. Overall, transactions fell from 4,322 in July to 3,764 in August. That figure is still up 11.4 percent from August 2014.
Sales dropped. Single-family resale homes dropped $5,000 to a median of $515,000. Those San Diego home sales made up 63.7 percent of all sales in August. Resale condos fell $8,000 to a median of $353,000, but newly-built condos and homes increased $38,000 to $648,000.
Still, San Diego real estate analysts say the July-August comparisons are a blip. Year-over-year, prices have risen a consecutive 41 months in Southern California. Foreclosure sales continued their freefall, representing 3.9 percent of total sales in August, down from 57.5 percent in January 2009 in San Diego.