Gross sales of beforehand owned single-family properties in San Diego County pulled again in a “huge manner” in July, dropping 22% amid rising mortgage rates of interest, the Higher San Diego Affiliation of Realtors reported Thursday.
“We noticed the market settle down within the month of July, with greater mortgage charges inflicting a slight drop in residence costs,” stated Chris Anderson, president of the Realtors group.
The median value of a single-family residence within the county was $969,000, down 1.1% from $980,000 in June, however nonetheless nicely above the $875,000 recorded in July 2021.
Gross sales of condominiums and townhomes fell 17% in July, whereas the median value dropped 0.3% to $630,000.
A complete of 1,335 single-family properties and 791 condominiums and townhomes had been bought in July. The three zip codes with the very best variety of gross sales had been all in East County: 92028 (Fallbrook), 92065 (Ramona) and 92040 (Lakeside).
Anderson stated the county nonetheless faces “a serious housing provide and affordability disaster” and urged elected leaders to scale back the limitations to new development.
The Realtors group compiles statistics month-to-month from its a number of itemizing service.