San Diego home prices fall in November but remain higher than last year

Home prices in San Diego County decreased in November compared to October, but they remained higher than prices from a year ago, the California Association of Realtors (CAR) reported.

The median price for an existing single-family home in San Diego last month was $975,000, a 3.5% drop from October’s $1.01 million. However, the figure marked a 2.4% increase compared to November 2023’s median price of $952,000.

Statewide, the median home price in November was $852,880, down 4% from October but up 3.8% from $821,710 in November 2023. Year-to-date, home sales across California rose by 3.1%, the report stated.

November also saw California’s largest yearly increase in existing home sales since June 2021. The statewide sales pace rose 1.1% from October and surged 19.5% compared to November 2023, with 264,870 homes sold on an annualized basis.

“Mortgage rates remain elevated, creating challenges for many buyers,” CAR President Heather Ozur said. “However, home prices are growing at a moderate pace, and housing supply is increasing, offering some hope for market improvement next year.”

Regionally, four of California’s five major areas experienced year-over-year price increases in November. The Central Coast led with a 7.9% rise, while Southern California saw a 3.1% increase.

The report also highlighted those homes took longer to sell statewide. The median number of days to sell a single-family home in November was 26 days, compared to 21 days in November 2023.

Despite improvements in sales, the housing market remains below pre-pandemic norms, where annual home sales averaged 400,000 units.