Home Prices Still on the Rise in San Diego County, but Sales Drop

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

The median price of a home in San Diego County rose by 7.6 percent in May, compared with the same month a year earlier, a real estate information service announced Thursday.

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According to CoreLogic, the median price of a San Diego County home was $570,000 last month, up from $529,750 in May 2017. A total of 4,004 homes were sold in the county, down 3.6 percent from 4,155 during the same month the previous year.

A total of 22,874 new and resale houses and condos changed hands in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month, according to CoreLogic. That was up 10.2 percent from 20,752 in April, and down 3.4 percent from 23,671 in May 2017.

The median price of a Southern California home was a record $530,000 in May, up 1.9 percent from $520,000 in April and up 8.2 percent from $490,000 in May 2017.

“With inventory tight and affordability worsening, the number of Southern California homes sold has fallen on a year-over-year basis during three of the last five months,” said Andrew LePage, research analyst with CoreLogic. “Total sales during the first five months of this year fell about 2 percent from the same period last year, reflecting limited inventory particularly in more affordable price ranges.”

–City News Service

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