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County Home Sales in August Up From Last Year

Home sales are up more than 20 percent in San Diego County compared to last year.

The number of homes sold in San Diego County last month jumped 22.5 percent, compared with August 2011, the real estate research firm DataQuick reported Thursday.

Last month’s performance was the best for August in six years around Southern California, according to the report.

“Much of the pickup in activity reflects a continuation of trends we’ve seen for months, like the unleashing of pent-up demand in move-up markets and high levels of cash and investor buying,” said John Walsh, president of DataQuick.

He said cash purchases now account for one-third of all sales, and it will be interesting to see when that begins to fade.

“In the meantime, strong seasonal forces should be kicking in now,” Walsh said. “Absent an unusual surge of demand this fall, sales will taper off over the next few months.”

In San Diego County, 3,981 homes sold last month. By comparison, 3,249 sold in the same month last year.

The median price was $345,250, a nearly 8 percent increase over the $320,000 of August 2011, according to DataQuick.

The firm also reported that, around Southern California’s six counties, there has been a steep drop in the sales of foreclosed homes and a sharp increase in purchases of mid- to high-end housing. The number of houses in the $300,000-$800,000 range that sold last month, compared with August 2011, was 23.4 percent higher. For those above $800,000, the jump was 19.3 percent.

-City News Service

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