San Diego home sales rebound in March - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

San Diego home sales rebound in March

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SAN DIEGO (CNS) - San Diego County home sales rebounded in March following a slow January and February, according to statistics released Monday by the Greater San Diego Association of Realtors.

March single-family home sales rose 24 percent compared to February, while sales of condominiums and townhouses jumped 21 percent.

"The housing market in San Diego is showing resiliency despite a slow first quarter," said GSDAR President Steve Fraioli. "The March sales figures show that buyer demand remains strong which is reflected in the steady rise in prices."

The median price of a single-family home edged up 4 percent to $635,000 in March, though the price of condos and townhouses dropped 3 percent to about $412,000.

Sales for the first quarter of 2018 are about 9 percent below the same quarter last year, indicating a lack of market properties, according to GSDAR. The supply of market resale properties has edged up slightly to 1.7 months, though a supply of five or six months is considered healthy.

Homes sold in an average of 26 days in March.

Fallbrook had the most single-family home sales with 61, followed by north Oceanside (52), Carmel Valley (46), Poway (45) and east Oceanside (44).

An oceanfront home in Carlsbad with a music studio was the region's most expensive sale of March. The 6,300-square foot, five-bedroom home sold for $11.5 million.

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