San Diego Realtors Report 13% Drop In Home Sales In April Amid Lack Of Inventory

By Chris Jennewein, Times of San Diego:

After two months of rising home sales in San Diego County, the market fell by double digits in April, the Greater San Diego Association of Realtors reported.

“Homes are selling at a much slower pace than a year ago, with escrows closing in the 30-day range,” the association said in a report this week.

Sales of single-family homes dropped 13%, while condominium sales were off 11%. Both were down by over a third from April 2022.

“The recent slowdown in home sales reflects the severe lack of inventory and fewer prospective buyers amid increased mortgage rates,” said Frank Powell, president of the association. “In San Diego, recent polices are leading to more development, but our region remains far behind our housing production goals.”

Though sales volume declined, the median price of a single-family home ticked up 1% in April to $952,600, but remains nearly 5% under a year ago. The median price for a condominium was $640,000, 3% lower than a year ago.

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

The most expensive single-family property sold in April was the Ora House, an 8,900-square-foot contemporary home in Bird Rock with 5 bedrooms, 5 full and 3 half bathrooms, a master suite with views from every angle, and a rooftop entertainment space. The property sold on April 26 for $22.5 million.

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