Housing supply has continued to struggle to replenish itself in most markets across the U.S., which is contributing to an overall decline in sales. For the 12- month period spanning April 2018 through March 2019, Pending Sales in the San Diego were down 7.9 percent overall.
The overall Median Sales Price was up 4.9 percent to $570,000. The property type with the largest price gain was the Single-Family Homes segment, where prices increased by 4.5 percent to $640,000. The price range that tended to sell the quickest was the $250,001 to $500,000 range at 27 days; the price range that tended to sell the slowest was the $5,000,001 and Above range at 106 days.
The property type with the largest gain was the Condos – Townhomes segment, where they increased 18.6 percent. That amounts to 2.3 months supply for Single-Family homes and 2.1 months supply for condos.
Home prices in the San Diego metropolitan area have gone up 1.1 percent in a year, slower than anywhere in the nation, said the S&P CoreLogic Case-Shiller Indices released Tuesday.
San Diego metro has been at the bottom of the 20-city index for three months, despite having some of the highest increases in the nation 1 1/2 years ago. In September 2017, San Diego prices had increased 8.2 percent in a year.
The reversal of fortunes has spread throughout California with analysts attributing the change, typically, to higher interest rates. But, with mortgage rates ticking back down, much of the finger pointing has been at affordability issues. Las Vegas had the biggest increases in the last year, rising 9.7 percent.
“Regional patterns are shifting,” wrote David Blitzer, managing director of the index. “The three California cities of Los Angeles, San Francisco and San Diego have the three lowest price increases over the past year.”
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Raana Jamshide, Broker Associate, DRE# 01255312
Pacific Sotheby’s International Realty
iHome San Diego Real Estate 
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