San Diego County’s median home price stopped just short of hitting half a million dollars in June, real estate tracker CoreLogic reported Tuesday.
The median price last month reached $495,000, representing a 4 percent increase from a year earlier. The price has yet to hit its pre-recession peak of $517,500 in November 2005.
Remember – this data reflects all sales; San Diego has mutli-million dollar estates and mobile homes zoned as SFR. For value questions contact the appraisers at www.scappraisals.com
Sticking to its usual pattern, June had the most home sales — 4,409 — of any month this year.
The median price of a newly built home was $659,000, an increase of 21 percent since the same time last year. The resale home median, $545,000, and resale condo, $383,500, increased under 7 percent in the past 12 months.
Mark Goldman, finance and real estate lecturer at San Diego State University, said higher home prices are tough for buyers because wages are not increasing at the same rate. However, he said buyers benefit from low mortgage interest rates.
“High home prices are going to be a fact of life for San Diegans since the supply of housing is so limited and our population and employment continue to grow,” he said.
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