Median San Diego home price has been falling for a few months

Residential Real Estate Market Overview August 2024
This is provided by my friend/appraiser -  Mark A. Melikian
 
Call/text George Lorimer to buy or sell a home at 619-846-1244.

The following is a market data summary of median sales price, number of homes sold, number of homes listed for sale, months of supply, and current market trends as reported by the San Diego MLS. This report analyzes the real estate market countywide. Real estate markets are localized, and many individual markets and neighborhoods will behave differently from county trends. San Diego County Detached Single Family Residences HISTORIC MEDIAN SALES PRICE

In August of 2024, the median sales price of a single-family home in San Diego County was $1,050,000, marking a 58% increase since January 2020 when the median price was $665,000. Apart from the years 2020 through 2022, the median sales prices usually follow a seasonal pattern (see Figure 1). Prices typically hit their lowest point in December or January and then steadily rise until June or July, with this seasonality repeating annually. In 2023, the market began a return to this more typical cycle, although the peak was not reached until August.

TRAILING 12 MONTHS: MEDIAN SALES PRICE Over the past 12 months, the median sales price hit its lowest point in December at $950,000, steadily rising to $1,100,000 in April and May 2024. Since May, the median price has decreased to the August median of $1,050,000. Following the pattern of historic seasonality, the downward trend in price is likely to continue through the end of 2024.

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Call/text George Lorimer to buy or sell a home at 619-846-1244. 

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