February 23, 2024
9260 East Heaney Circle in Santee. Picture credit score: Courtesy, Marcus & Millichap

Costs of properties in San Diego County dropped in October from the earlier month, however nonetheless remained above the costs of a yr in the past, the California Affiliation of Realtors reported Friday.

The median sale value of a single-family dwelling within the county was $936,250 final month, down from $973,100 in September, however up from $860,000 in October 2022, in accordance with the affiliation.

In October, San Diego County’s ratio of latest homes on the market to new homes offered was 2.3, a slight drop from 2.5 in September. The ratio in October 2022 was 3.0, in accordance with CAR’s survey. Time available on the market final month was 14 days.

Statewide, October’s median dwelling value was $840,360, down 0.4% from September and up 5.3% from October 2022, the report concluded.

Gross sales of current single-family properties in California remained under the 250,000-unit tempo for the second consecutive month. The annual decline was the twenty eighth straight drop, however the decline was the smallest within the final 4 months, CAR mentioned.

“A large leap in rates of interest saved dwelling gross sales constrained in October and can probably hamper dwelling gross sales for the rest of the yr,” CAR President Jennifer Branchini mentioned of the statewide numbers. “Regardless of charges remaining elevated, many different elements have swung in favor of patrons lately together with extra properties staying available on the market longer earlier than promoting and fewer properties promoting over checklist value, which may inspire extra sellers to supply concessions.”