For sale signs in California.
For-sale signs in California. Photo by Colin Robertson via The Truth About Mortgage

The median price of a home in San Diego County rose by 8 percent in June, compared with the same month a year ago, while the number of homes sold dipped by about the same percentage, a real estate information service reported Tuesday.

According to DataQuick, the median price of a San Diego County home was $450,000 last month, up from $416,500 in June 2013. A total of 3,736 homes were sold in the county, down from 4,048 during the same month the previous year.

A total of 20,654 new and resale houses and condos changed hands in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month, according to DataQuick. That was up 5.6 percent from 19,556 in May and down 4.4 percent from 21,068 in June 2013.

The median price for a Southern California home was $415,000 in June, up 1.2 percent from $410,000 in May and up 7.8 percent from $385,000 in June 2013.

“Pent-up demand, job growth and still-slow mortgage rates continue to put pressure on home prices,” DataQuick analyst Andrew LePage said. “In many markets price appreciation has slipped into the more sustainable single-digit range, compared with gains exceeding 20 percent this time last year.

“Why the drop-off? The supply of homes for sale, while still low in an historical context, is higher this year, and the decline in affordability serves as gravity for home prices. People can’t stretch with exotic risky loans the way they could during the last housing boom.”

— City News Service

Chris Jennewein is Editor & Publisher of Times of San Diego.