Single-Family Home Prices Hit a Record High in May

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A home for sale in San Diego. Photo by Alexander Nguyen

Single-family home prices in San Diego County hit a record high in May, according to housing statistics released Thursday by the Greater San Diego Association of Realtors.

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The median single-family home price was $650,000 last month, a 5 percent increase over April. Meanwhile, attached properties, including condominiums and town houses, settled at a median price of $421,000, just more than 2 percent over April numbers.

Overall, resale property home prices have seen a year-over-year increase of 6.5 percent, according to GSDAR.

For 2018, however, sales of existing homes are down nearly 8 percent from last year. Supply is low, but demand remains high.

Homes don’t stay on the market long. In May, single-family homes were closing escrow in an average of 26 days, while attached properties closed in only 21 days.

“Prospective home buyers should expect a competitive housing market throughout the summer,” SDGAR President Steve Fraioli said. “Fortunately, the low inventory of homes for sale doesn’t seem to be dampening their demand.”

North Oceanside had the most single-family home sales last month, with 63. Carmel Valley, north Escondido and Fallbrook came next, with 58, 53 and 51 sales, respectively.

–City News Service

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