Despite recent concerns about the San Diego real estate market peaking, a new pair of reports shows sales and price appreciation remain healthy.
On Wednesday the California Association of Realtors reported that pending home sales in San Diego rose 7.5 percent year-over-year in July, well above the statewide average of 3.5 percent.
Then on Thursday, the online real estate site Zillow reported that the median value of a home in San Diego was $513,600 in July, a 5.4 percent increase from the same month a year ago.
That was slightly higher than the nationwide increase of 5.1 percent, but below the double-digit growth rates in Denver, Portland, Seattle and Dallas-Ft. Worth.
Although the new reports showed a healthy local real estate market, experts still cautioned there are signs of problems ahead.
“The Bay Area and Southern California are still growing at a faster pace than the nation as a whole, but growth rates have come back to earth a bit after several years of rapid growth,” noted Zillow Chief Economist Dr. Svenja Gudell.
“While still in positive territory, Realtors’ optimism of market conditions over the next year has been waning over the past few months,” the California Association of Realtors said, noting that fewer buyers were overbidding on homes.
