Report: Housing prices in San Diego a mixed bag - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Report: Housing prices in San Diego a mixed bag

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SAN DIEGO (CNS) - The median price of a single-family home sold in October in San Diego County was $496,750, down 3 percent from September but 5 percent higher than the same time last year, the San Diego Association of Realtors reported.

The SDAR's data presented a mixed bag after signs in recent months that the once-hot market was beginning to slow down.

An attached home changed hands at a median price of $337,500 last month, unchanged from the month before and up 14 percent from a year earlier.

The numbers are encouraging because they show the local real estate market is becoming more balanced, said Leslie Kilpatrick, president of the SDAR Board of Directors.

"Homes aren't staying on the market long, so homeowners who are thinking of selling are in a good position," Kilpatrick said. "While inventory has grown, the most sought-after properties sell quickly, so buyers need to be prepared to act. This is not the time to sit on the sidelines if a move is in your future."

The SDAR reported that 1,764 houses were sold last month, 2 percent more than September, but 7 percent fewer than the same period in 2013. For condominiums and townhomes, 835 changed hands in October, down 3 percent for the month and 12 percent for the year.

The number of active listings on the Multiple Listing Service in San Diego County is just under 8,000, representing three months of housing stock, according to the SDAR. The organization said six months is considered a healthy inventory level.

Homes on the market are being snapped up, on average, within 45 of being listed, the SDAR data showed.

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