Home purchases cooled off in July

Home purchases cooled off in July

Prices of previously owned homes in San Diego County pulled back in July, according to housing statistics compiled from the Multiple Listing Service by the Greater San Diego Association of Realtors® (SDAR).

Resale single-family home purchases countywide were down 20 percent in July compared to June, and condominiums and townhomes (attached properties) were down 14 percent from the prior month. Compared to the same month last year, single-family home sales were down 10 percent and condos/townhomes were down 7 percent.

Prices continue to be the bright spot, at least for sellers. The median price of single-family homes reached $620,000 in July, up slightly from June, and 11 percent higher than a year ago. The price of attached properties ($405,000) dipped 1 percent from June, but that’s an increase of 7 percent from a year ago. Prices of all resale properties are up more than 8 percent this year.

In July, single-family homes were selling in an average of only 27 days, while attached properties closed an average of 22 days from the point that they went on the market.

“We are predominantly in a seller’s market,” said SDAR President Bob Kevane. “Savvy buyers, and particularly first-time buyers, will need to scramble and be purchase-ready, as they are faced with competing offers, sometimes over the asking price.”

NOTE: The median home price is the price in which half of the homes sold for more, and half sold for less. It is a more typical price measure than average price, which can be skewed high by a relative handful of million-dollar-plus transactions.

Scripps Ranch
In Scripps Ranch, 24 single family homes were sold in July, with 180 total sold so far in 2017. The homes averaged 15 days on the market in July and an average of 22 days on the market for the year in 2017 so far. The median price of single family homes sold in Scripps Ranch in July 2017 was $917,000 and the average median price is $899,500 so far for 2017.

While fewer Scripps Ranch single family homes sold in July than in June 2017, the average days a single family home was on the market was cut in half compared to July of 2016. In addition, the median price of single family homes sold in Scripps Ranch in July 2017 was $87,000 more than July 2016.

There were 27 attached homes (condominiums or townhomes) sold in Scripps Ranch last month, with 101 total sold this year. Attached homes were on the market in Scripps Ranch an average of 9 days in July and an average of 15 days on the market in 2017 year to date. The median price of attached homes sold in Scripps Ranch in July was $485,000 and the median price for 2017 year to date is $465,000. This is an increase of $10,000 more than the median price of July 2016.

San Diego County

In July, the ZIP codes in San Diego County with the most single-family home sales were: