San Diego – Home Sales at Three Year Low

The slowdown in San Diego County’s housing market continued in January, as sales dropped to their lowest levels in three years.

Prices also dipped last month, with the median falling $15,000 from December to $405,000, real estate tracker DataQuick reported Wednesday. Despite the drop, the January median is still up 15.7 percent from January 2012’s median $350,000.

“Two of the bigger questions hanging over the housing market right now are, ‘How much pent-up demand is left out there?’ and, ‘Will inventory skyrocket this year as more owners take advantage of the price run-up?’” DataQuick president John Walsh said in a statement. “Unfortunately, we’ll probably have to wait until spring for the answers. When it comes to statistical trends, January and February are atypical months that haven’t proven to be predictive over the years.”

Last month, there were 2,338 transactions in the county, down from 2,717 in January 2013, and the lowest amount since 2,248 properties changed hands in January 2011. The first month of each year is generally unremarkable when it comes to the housing market because it reflects deals struck during the holiday season, those in the industry say.

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