07 Sep Median price of San Diego homes for sale stay at $495K
The median price of homes for sale in San Diego remained unchanged in July – ending a four-month streak of steadily climbing home prices. The median price was $495,000 in July compared to June, according to data released this week by real estate tracker CoreLogic.
San Diego real estate experts had several explanations for the unchanged amounts. Part of the flat median home sale prices may be due to a 12.5 percent drop in sales in June. Overall, levels have not quite reached pre-recession peaks of $517,500 in November 2005, but the San Diego home market has still continued to make gains.
Over the past 12 months, the market has increased 5.3 percent. But the market has not regained its frenzy as the San Diego real estate market continues to deal with a sellers’ market, affordability concerns and a lack of housing. In July, 275 homes sold, compared to 1,000 new homes sold 10 years ago. There were 3,850 home sales in July — 549 less than June.
Some experts worry the market in San Diego has reached its peak. The amount of days in calendar months may also be to blame. July’s flat sales may be due to fewer business days in the month, San Diego real estate experts said. And they believe the slowdown is normal as the San Diego real estate market tries to become more sustainable. San Diego isn’t alone. Sales dipped 11.3 percent year-over-year in Southern California.