San Diego’s median price for an existing single-family home in June was up 4.4 percent from a year ago, according to the California Association of Realtors. However, month-over-month price growth was minimal, landing at $594,430, 0.4 percent higher than in May.
Homes sales in San Diego gained 3.7 percent over May, but 4.4 percent fewer homes were sold last month than last June, according to the trade association.
The median number of days it took to sell a single-family home in San Diego in June dipped to 21.4, from 22.1 in May and 22.7 in June 2015. That’s quicker than the median number of days it took to sell statewide, which also shrunk a bit in June, to 27.1, from 27.3 in May and 28 last June.
The California Association of Realtors’ unsold inventory index, which indicates the number of months needed to sell the homes on the market at the current sales rate, slid to 3.2 months in June from 3.4 months in May, returning to where it was one year ago. In San Diego, the index was 3.1 in June, unchanged from May but slightly lower than last June, when it was 3.2.
More than 400,000 existing, single-family detached houses were sold in California in June, the highest level of existing home sales in the state in nearly four years, the industry group reported.
Statewide sales were up 10 percent from May’s revised level of 409,840 and had topped the 400,000 mark for the fourth month running. Sales in California rose 2.2 percent year-over-year.
California home sales haven’t seen a month-over-month gain reach double digits since January 2011 when sales spiked 11.3 percent compared to 2014’s last month, the trade association said.
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However, the median price of a house sold in California fell slightly from May, shrinking by 0.1 percent to $519,440. Still, the median price was up 5.5 percent year-over-year.
Overall, demand for housing in California appears on track to remain steady through summer’s end, said Pat "Ziggy" Zicarelli, president of the California Association of Realtors, in Monday’s statement.
"However, inventory is still tight, especially at the low end of the market, and this keeps competition for those homes at an extremely high level,” Zicarelli said. “The recent march of mortgage rates to ever lower levels will also add to the strong demand for entry-level homes."
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