In August 3,390 homes were sold through the MLS in San Diego County. This is up 4% year over year. The median detached home price was $610,000 up 8% vs. August 2016. There was a mere 1.7 months worth of housing inventory in August 2017 down 20% year over year. Detached days on market also fell 13% year over year.
Interestingly, once again, the ratio of pending units to sold units fell 19% vs. August 2016. Why does this matter and why is no one talking about this? As we have discussed as soon as home price appreciation levels off we expect, the continued deterioration of this ratio of pending home sales to sold homes to lead to a greater number of expired listings, followed by greater inventory of homes available for sale followed by the next correction and downturn in prices.
Bob Flynn, September 2017