Housing sales in San Diego County had their biggest annual drop in nearly 30 years in May as COVID-19 brought the market to crawl.
There were 2,327 home sales in May, down 40.7 percent from the previous year, said CoreLogic data provided by DQNews. Analysts point to a lack of consumer confidence and sellers pulling homes off the market to wait out for a better selling time as reasons for few transactions.
It represents the biggest annual drop in home sales since January 1991 when sales were down by 41.5 percent.
Despite few sales, home prices were largely unchanged. The median home price of $590,000 was down about $4,000 from last month, and still up 3.5 percent in a year. The home inventory decline resulted in bidding wars for a limited number of properties and pushed up prices or, at the very least, meant almost no price reductions.
Here’s how the median price fared by type:
- Resale single-family: Median of $650,000, down $250 from an all-time peak reached the previous month. There were 1,435 sales, its lowest since January 2019, typically the slowest month of the year.
- Resale condo: Median of $430,000, down from an all-time peak of $453,250 in March. There were 623 sales, also the lowest since January 2019.
- Newly built: Median of $681,750, down from the peak of $812,500 reached in October 2018. There were 269 home sales, typical for newly built homes.