SAN DIEGO COUNTY, Calif. — Home sales saw a steep drop in December 2023 compared to the previous year, according to new data from the Greater San Diego Association of Realtors.
The association found that the sale of single-family homes dropped by more than 21 percent last month and fell nearly nine percent when compared to just one month prior.
In addition to the lower number of home sales, prices also dipped for resale homes with the median price for a single-family home registering at $949,000 for December 2023. That is three percent lower than the median price for November 2023. Meanwhile, the median price for condos and townhomes settled at $650,000, a two percent drop from November.
“While home sales are historically expected to drop in the December holiday season, we continue to urge buyers to remain vigilant in search of their dream home,” said Spencer Lugash, the president of the Greater San Diego Association of Realtors.
As for the areas that saw the highest number of sales for single-family homes, Fallbrook finished at the top of the list with 34 home sales, followed by Ramona (25), Spring Valley (23), Oceanside and Vista (22 each), and Santee with 21 homes sold.
The Greater San Diego Association of Realtors found that the most expensive home sold in December was a 5-bedroom, 7-bath oceanfront home in Carlsbad which sold for $10.75 million.
Despite the drop in home sales, the Greater San Diego Association of Realtors says that now is a good time to buy for prospective homeowners.
“The new year brings the promise of lower interest rates, which means for many buyers and sellers that the time to buy a home is now," said Spencer Lugash, the president of the realtor group.
Added Lugash, “The new year brings the promise of lower interest rates, which means for many buyers and sellers that the time to buy a home is now. We recommend that potential purchasers consult a local realtor to help them make the most informed financial decision.”