San Diego home prices still higher compared to last year - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

San Diego home prices still higher compared to last year

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SAN DIEGO (CNS) - Resale home sales in the county this year took a dive in November, but were significantly higher when compared to the same month last year, according to a report released Thursday by the San Diego Association of Realtors.

Single-family home sales last month were down month-over-month by 10 percent, but were up 19 percent from November of 2015, the report said.

Condominium and townhouse sales were down 13 percent from October, but posted an increase of 16 percent from a year ago.

The year-to-date 2016 numbers show resale homes were closing escrow at a pace similar to 2015. The report also showed that median home prices for single-family homes, condos and townhouses dipped 3 percent in November compared to October. But compared with November of last year, single-family homes were 6 percent higher, and condo and townhomes were 9 percent higher.

The region's homes were on the market an average of 33 days before close of escrow last month, compared to 39 days in November 2015.

"Mortgage rates are on an upward trend, while the inventory of homes for sale has dipped dramatically in the San Diego region," said Cory Shepard, SDAR president. "Along with affordability, those are factors that keep our housing market from shaking loose."

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