San Diego’s Median Residence Worth Edged as much as $1 Million in August

Residence costs in San Diego County elevated in pragmatic play August for the second straight month, the California Affiliation of Realtors reported Monday.

The median sale worth of a single-family dwelling within the county was $1 million final month, up from $969,020 in July, and up from $886,250 in August 2022, in accordance with the affiliation.

In August, San Diego County’s ratio of recent homes on the market to new homes offered was 1.9, a slight drop from 2.0 in July. The ratio in August 2022 was 2.5, in accordance with CAR’s survey. Time in the marketplace final month was 13 days.

August’s statewide median dwelling worth was $859,800, up 3.3 % from July and up 3.0 % from August 2022, the report discovered.

Yr-to-date statewide dwelling gross sales had been down 29.2 % in August, CAR decided.

“Regardless of persistently excessive mortgage charges and availability of properties remaining extraordinarily tight, there’s nonetheless stable curiosity from potential patrons,” CAR President Jennifer Branchini stated in a press release.

“The extremely aggressive housing market continued to supply assist to dwelling costs, with the statewide median worth steadily enhancing since early 2023. As California housing costs proceed to stabilize, patrons and sellers on the sidelines will get again into the market as soon as rates of interest start to reasonable within the fourth quarter.”

Metropolis Information Service contributed to this text.