San Diego – Home Price Appreciation Slows to 3.1%

The pace of annual home price appreciation in San Diego County neared a three-year low in May, as the housing market moves into what is traditionally peak homebuying season.

Last month, the median price for a home sold in the county was $459,000, up 3.1 percent from May 2014, real-estate tracker CoreLogic reported Wednesday. That’s the slowest pace since prices rose 1.7 percent annually in June 2012, preceding a run up of fix-and-flip foreclosure resales that pushed appreciation up to 24.1 percent annually in June 2013.

Since then, the supply of foreclosure resales has waned and the market has returned to being paced by traditional factors like wages, employment and supply. Mark Goldman, a loan officer and real-estate lecturer at San Diego State University, said a 3.1 percent rate of appreciation is sustainable.

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