The Morning Report
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Just more than 3,100 homes sold in San Diego County last month, down 19.4 percent from August 2006 and down 48 percent from the nearly 6,000 homes sold in August 2005, DataQuick Information Systems reported this morning.
That was the fewest homes sold in any August in 15 years, when 2,741 homes sold in August 1992. That 1992 number was the lowest August in DataQuick’s records, which go back to 1988.
The decline in sales volume hit hardest in resale detached homes and new homes. The former logged a 22.6 percent drop from the previous August, with 1,667 homes sold. And the 647 new homes sold last month marked a 28.5 percent drop from August 2006’s rate and a 58.8 percent drop from August 2005.
Sales of resale condos also shifted slightly downward; 790 units sold, a 0.6 percent drop from the same month the previous year.
The tightened credit market that made getting a mortgage much more difficult in August has yet to drastically affect the sales or price data. DataQuick’s numbers reflect deals that closed escrow in August, but that process usually begins at least a month earlier.
DataQuick also reported median price data for the homes sold last month. Here’s a quick rundown by property type:
- Resale detached: $560,000, up 0.9 percent from August 2006 and no change from August 2005.
- Resale condo: $372,250, down 4.3 percent from August 2006 and down 6.7 percent from August 2005.
- New homes: $429,500, up 8.7 percent from August 2006 and down 6.8 percent from August 2005.
- All homes: $475,000, down 4 percent from August 2006 and down 6.3 percent from August 2005.
Don’t worry, the DataParty’s not over yet for this month. Check back for more later.