The median price of a home in San Diego County reached a record $625,400 in March amid slowing sales, the California Association of Realtors reported Tuesday.
The median price was up 9.5 percent from a year ago, while the number of sales declined 10.4 percent.
“Sales in the Southern California region have cooled for the past five months, even in the more affordable Riverside and San Bernardino areas,” noted association President Steve White.
The problem in San Diego is lack of inventory, with a typical home on the market only 13 days before being sold, compared to a statewide average of 23 days.
“Inventory still remains tight, which is driving home prices higher,” said the Realtors’ Senior Vice President and Chief Economist Leslie-Appleton-Young.
The data is based on information collected by the association from more than 90 local Realtor groups and multiple listing services statewide.