House is for sale in San Carlos area. Photo by Chris Stone
Sales of previously owned single-family homes in San Diego County pulled back in a “big way” in July, dropping 22% amid rising mortgage interest rates, the Greater San Diego Association of Realtors reported Thursday.
“We saw the market cool down in the month of July, with higher mortgage rates causing a slight drop in home prices,” said Chris Anderson, president of the Realtors group.
The median price of a single-family home in the county was $969,000, down 1.1% from $980,000 in June, but still well above the $875,000 recorded in July 2021.
Sales of condominiums and townhomes fell 17% in July, while the median price dropped 0.3% to $630,000.
A total of 1,335 single-family homes and 791 condominiums and townhomes were sold in July. The three zip codes with the highest number of sales were all in East County: 92028 (Fallbrook), 92065 (Ramona) and 92040 (Lakeside).
Anderson said the county still faces “a major housing supply and affordability crisis” and urged elected leaders to reduce the barriers to new construction.
The Realtors group compiles statistics monthly from its multiple listing service.