The pace of annual home price appreciation in San Diego County increased in August, breaking a streak of six consecutive months of slowing.
Last month, San Diego County’s median home price rose to $448,500, an 8.1 percent gain from August 2013, real-estate tracker CoreLogic DataQuick reported Thursday. The August median price was also up from July’s sales median of $445,000, which rose 6.6 percent over the year. “That’s summer buying season and I’m glad to hear it,” said Mark Goldman, a loan officer and real-estate lecturer at San Diego State University. “I don’t anticipate that this will be an indicator of a new trend, I’m happy for it, but I think I wouldn’t base investment decisions that this rate would continue.”
Goldman said 8 percent annual appreciation is not a sustainable rate because wages aren’t growing as fast, and that the data doesn’t mean the same home bought a year ago is now worth 8 percent more. The pace of home price appreciation has declined each month since January, when year-over-year gains were at 15.7 percent.
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