Home sales dropped sharply in September compared to August, ending a slow summer season with an even slower month, according to data released Monday by the Greater San Diego Association of Realtors.
Sales of single-family detached properties were down nearly 23% in September compared to August, according to the data, which SDAR compiles through the San Diego Multiple Listing Service.
"As long as construction of new homes and neighborhoods remains consistently slow, the housing affordability crisis will continue to persist," said SDAR President Frank Powell."The rise in interest rates from 3% to over 7% has caused people to sell their properties more slowly because of the record rates.
Despite slow sales, median prices only dipped slightly last month, with single-family homes prices landing at $999,000, and condos/townhomes at $660,000, according to a SDAR statement. Prices remained 10% higher than September of last year, and for the first nine months of 2023, resale home prices were up slightly from 2022.
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