The median sales price of homes in the San Diego region continued to climb last month, but the number of properties that were sold dipped, according to figures released Tuesday.
The median price of a single-family home that changed hands in May was $530,000 — a $10,000 increase over April and about $35,000 higher than the same month last year, the San Diego Association of Realtors reported.
For attached homes, the median sales price last month was $348,000, or $8,000 more than the month before and $20,000 above May 2014, according to SDAR data.
The trade group said 2,091 houses changed hands last month, 10 percent fewer than April and 4 percent less than one year earlier.
For condominiums and townhomes, 1,031 sold in May. That’s a 7 percent drop from the prior month and 3 percent below the level of May 2014.
“The market continues to thrive and there are good deals out there, but buyers need to be prepared to act quickly,” said SDAR board President Chris Anderson. “Rents are rising and there’s not enough rental units to meet demand, so we believe we will see more first-time buyers enter the housing market this summer.”
Only about 2 1/2 months of inventory are on the market, with five or six months of inventory considered healthy, according to the trade group.
The most expensive listing sold in the county in May was a six-bedroom, six-bath, 4,000-square-foot home on the coast in Del Mar, which went for $11 million.
—City News Service
>> Subscribe to Times of San Diego’s free daily email newsletter! Click hereFollow Us: