27 Oct San Diego real estate prices dip in October
The price of San Diego homes for sale fell slightly in October, but home sales are still galloping toward a strong and steady finish for the year.
CoreLogic Data reported the median home price in San Diego County was $460,000, down 1 percent from September. However, prices of homes for sale in San Diego were $15,000 more than the same time last year. San Diego real estate analysts believe the slight decrease is due to typical slowdowns between August and September.
Historically, sales during August and September have dropped 0.5 percent, usually because buyers want to get a home before school starts. But, the prices of homes for sale in San Diego County have fallen since June 2015. In September, sales of single-family real estate in San Diego fell 14 percent compared to August.
What the numbers show
The biggest year-over-year increase happened in El Cajon, where median sales prices rose 57 percent, from $315,500 last September to $495,000 this year. The area is known for investors flipping properties and strong single-family home sales.
Condo sales in San Diego County are also up. The most recent data available shows there were 1,158 condo resales recorded in September, up from 978 at the same time last year as more homeowners turn to condos for affordability reasons.
Overall, the prices of San Diego homes for sale rose 3.4 percent year-over-year.