Home prices continued to decrease toward the end of the summer as sales hit historic lows in what was the slowest August on record for San Diego County.
The county’s median home price was $875,000 in August, CoreLogic reported this week, down $20,000 from a peak reached in May. The median, which combines sales for newly built homes, resale condos and resale single-family homes, was still up 4.2 percent in a year.
There were 2,564 home sales in August, which is up from record lows (1,678 sales in January) but also makes for the slowest sales for an August — usually a busy month — in records dating to 1988. Other low points were 2,619 sales in August 2023 and 2,741 sales in August 1992.
The biggest change over the past few months has been an increased number of homes for sale. There were roughly 5,200 homes listed for sale in San Diego County in August, said the Redfin Data Center. That was near the high point of the year, and up from about 3,000 at the start of the year.
At the same time, mortgage rates were dropping. On the last day of August, the average interest rate for a 30-year, fixed-rate mortgage was 6.35 percent, according to Freddie Mac, down from a high point of 7.22 percent this year in May.
Green Real Estate Appraiser 