San Diego County Median Home Price Jumps to $489,000

San Diego County home prices hit a level in April not seen since summer 2007, real estate firm CoreLogic reported Tuesday.

The median home price was $489,000 in April, a 7.5 percent increase from the same time last year.

However, the number of sales — 3,980 — was down nearly 2 percent from April 2015.  Note:  SCAS cannot confirm the accuracy nor the integrity of the data.

CoreLogic said positive economic factors, like job growth and low mortgage interest rates are fueling demand. But, it said a lack of homes for sale, as well as credit and affordability issues, were keeping potential buyers out of houses.

San Diego County’s median price has still not hit its pre-recession peak of $517,500 reached in November 2005.

Dana Kuhn, real estate lecturer at San Diego State University, said rising prices do not mean a housing bubble but could have other negative consequences.

“Each booms’ peak exceeds the previous booms’ peak,” he said. “What would be more problematic is, are we going to get income growth to allow people to buy these homes?”

Twenty-eight percent of homes were considered affordable in San Diego County in the first quarter of 2016, said a recent report from the California Association of Realtors, which is the same as it was in the first quarter of 2015.

read more at: http://www.sandiegouniontribune.com/news/2016/may/17/corelogic-april-rise-homes/

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