San Diego: Home Sales Slide But Prices Edge Up

Fewer San Diegans bought homes in November, but the median price for a property still ticked up from the month before.

In November, the median price for a home sold in the county was $415,000, up from the $412,750 in October, real estate tracker DataQuick reported Monday. Annually, prices are still up 15.9 percent from November 2012, but that gain is continuing to drop from the peak 24.1 percent yearly gain seen from June 2012 to June 2013. At that time, the median price was $416,500.

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“November sales were pretty underwhelming,” said a statement from John Walsh, DataQuick president. “The exact cause is tough to pinpoint, but we see likely culprits: The inventory of homes for sale still falls short of demand.”

Walsh also noted that the Oct. 1-16 federal government shutdown could have curtailed November closings. But Mark Goldman, a loan officer and real estate professor at San Diego State University, said many loan officers found workarounds during the shutdown.

Goldman said the numbers met his expectation that the market seems to be returning to normal levels. He noted a historic year-over-year price gain of about 3 percent. Those slower price increases will take pressure off people looking for a home, giving them more time to find the right property without fear of getting priced out.

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