The last two months in Southern California real estate have been interesting. Overall numbers in February were not great. Condos continued to take the biggest hit according to data from Attom.
In San Diego, $872,000 was the February median which was off 2% in a year. Per UT Columnist Jonathan Lansner, this was the worst since April 2023, and 5% off June 2024’s peak of $914,000. We felt it in San Diego sales too which were 1,972 (No. 3 slowest February) – up 3% in a year but 22% below average.
In March, sales of single-family detached homes in California declined 3.5% month-over-month and fell 2.5% on year-over-year basis for the third straight month.
According to data from the California Association of Realtors (CAR), total home state-wide sales declined to 265,320 in March from 272,020 transactions one year earlier. March sales remained below the 300,000 benchmark for the 42nd consecutive month.
What do economists attribute this to? Interest rates and geopolitical unrest. That is what I am hearing too. Unless life changes are pushing people to buy or sell they are sitting on the sidelines. As we enter the traditional spring/summer selling season I am hopeful things will pick up.
