01 Oct San Diego real estate breaks median home price record
San Diego homes hit their highest median prices for all types of homes in nearly a decade — reaching $498,000 last month, real estate tracking firm CoreLogic recently reported. Median home prices rose most of the year, with blips at certain points over the summer. Despite the increases, San Diego real estate prices have yet to break their 2005 median home price record of $517,500.
Home sales in most sectors in San Diego grew. The median price of a resale home was $550,000 in August, a 6.8 percent increase over the last year. Condo resales were $377,750, up 7 percent in a year, and new home construction prices increased 5.6 percent to $684,500. Summer is typically a heavy real estate season, but real estate for sale in San Diego experienced a slight dip earlier in the summer.
CoreLogic found 4,124 homes sold in August, 359 homes less than the same time one year ago. Overall, home prices have risen steadily in the last five years; however, affordability remains an issue. San Diego real estate experts are concerned the market has already peaked for the year. The area still struggles with a lack of inventory, low mortgage rates and a gap between home construction and demand that has pushed up home prices.
The Greater San Diego Association of Realtors found single-family resale listings dropped 2 percent from August 2015 to 2,124.