As of July 3, 2017, there were 5,620 homes available for sale in San Diego County and there were 4,796 pending home sales. In June, 3,620 homes were sold up 9% year over year. The median detached price of these sales was $619,900 up 10% over June 2016! For the third month in a row, inventory of homes remained absurdly low at 11 days down 22% from June 2016.
All of this is very positive for our housing market. The only negative trend that we are observing is the ratio of pending home sales to closed sales. The higher this ratio, the healthier the market because it indicates a rising number of future home sales. This ratio began falling in November of 2016 and continues to fall through June of 2017 year over year. In June 2017 this ratio fell 15% vs. June of 2016.
Bob Flynn, July 2017