For the first time in recorded history, more than half the homes sold in one month in San Diego County were over $1 million, according to data from the San Diego Association of Realtors.
The median price of a single-family home sold in August in San Diego County was $1.025 million, pushing the price past the $1 million mark for the first time ever, a spokesperson for the SDAR said.
The price has reached the million-dollar mark before -- first in April 2022 and again in June 2023. But this is the first time the median single household price has actually surpassed the million-buck mark, SDAR's data from the San Diego Multiple Listing Service (SDMLS) shows. The SDAR adds that the median price for condos and townhomes (attached properties) is also at a record high of $677,000.
It was bound to happen. A real estate website called Point2 released a report in July that found more than half of listed homes in San Diego County were priced over the $1-million line. Even with the high listing prices, at the time, the median home sale price was at $910,000.
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When compared to the year prior, the price of homes for August is up about 13.5% for single-family and nearly 9% for attached homes, according to the SDAR data. Home sales, though, are at one of the slowest paces in recent history; There were nearly 1,300 single-family homes sold in August and 751 condos or townhomes, both of which are down about 19% from the previous year.
SDAR said the slow-down can be attributed to high interest rates and a lack of inventory; the demand is what's keeping home selling prices high.
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"The number of active properties on the market in August was down 5 percent from July, while the average number of days resale homes are remaining on the market is hovering around one month," SDAR said in a news release.
SDAR President Frank Powell said home-shoppers can still find the home of their dreams with patience and realistic expectations.
According to SDAR data, most people who moved last month chose to head north. More than 50 homes were sold in Fallbrook, 32 were sold in northern Oceanside, 30 in northern Escondido and 34 in Encinitas. Some were also choosing to move east, with 36 homes sold last month in Santee.
One of the most expensive homes sold in August was priced at $16.25 million. When the 18,000-square-foot Crescent House hit the market in 2022, it was the most expensive home ever up for sale in the coastal town. Designed by Wallace Cunningham, the home was named for its moon-shaped infinity pool overlooking the Pacific Ocean. The 5-bedroom, 6-bath home, which was featured in the HBO series, "Westworld," was sold on Aug. 19.
