San Diego’s housing market took a breather in November, registering fewer sales but the median price increased nearly 16 percent year over year to $415,000, according to Dataquick, the La Jolla real estate research firm.
Sales in San Diego County last month were 3,018, down 10.5 percent from the same month last year, and off nearly 14 percent from the total sales in October, Dataquick said.
For the six-county Southern California region, the median price for houses sold in November was $385,000, up nearly 20 percent from November 2012, and up 0.3 percent from October.
The regional median price has risen on a year over year basis for 20 consecutive months, with the gains ranging from 10.8 percent to 28.3 percent, Dataquick reported.
Dataquick President John Walsh said November sales for the region were “underwhelming,” and blamed the fall on a lack of inventory and the government shutdown in October.
“Meanwhile, prices aren’t soaring anymore but they’re also proving to be sticky” Walsh said.
Much of the price appreciation was attributed to more sales in the middle and upper price ranges, and fewer in the lowest price points. Last month, 32 percent of all sales in the region were for houses above $500,000, up from about 25 percent in November 2012.
Cash buyers made up 27 percent of the sales, down from 34 percent one year earlier.