San Diego County home prices and sales slipped from July to August as the market took a breather from recent increases, DataQuick reported Thursday.
The median price last month was $415,000, down from $417,500 in July but still up 20.2 percent from year-ago levels.
Sales also were lower, down 9.5 percent from July to 4,099 transactions, a common seasonal dip. Total sales are up 3 percent from August 2012.
Has the value dipped in your neighborhood? In some neighborhoods in San Diego value can differ from the county statistics. Contact the appraisers at www.scappraisals.com for your home value or your real estate appraisal needs.
DataQuick President John Walsh said the trends, generally consistent across the six-county Southern California region, reflect fewer all-cash and investor buyers, still-tight inventory and rising mortgage rates.
“There’s something for everyone in today’s housing data,” Walsh said in a statement. “Sellers have seen an amazing price jump from just a year ago, allowing many to finally sell at a profit.”
Freddie Mac’s weekly primary mortgage market survey, also released Thursday, showed the 30-year, fixed-rate loan unchanged at 4.57 percent from last week, not counting origination fees. The most recent low was 3.4 percent in April.
“As we head into fall and winter, a slower time of year,” Walsh said, “we’ll probably see year-over-year price gains continue to taper.”
Michael Lea, a real estate professor at San Diego State University, said he was not surprised by the price dip but was “a little puzzled” that sales are not rising as fast as they should at this point in the economic cycle. “I would have thought sales would be picking up,” he said.
Read more at: http://www.utsandiego.com/news/2013/sep/13/tp-home-prices-sales-slip-in-august/