San Diego – Home Prices Stay Flat in July

San Diego County’s median home price, $495,000, was unchanged in July from June, real estate tracker CoreLogic reported Wednesday.

The home price had climbed each month since February but finally stopped in its tracks, likely influenced by a 12.5 percent drop in sales from the previous month.

The strong market has seen the median price increase 5.3 percent in the last 12 months. It still has not reached its pre-recession peak of $517,500 in November 2005.

The median price of a newly built home in July was $568,000, a decrease of 6.9 percent since the same time last year, likely affected by a lack of inventory. That month, 275 newly-built homes sold — around average for this year. But, it is still a stark contrast to before the housing crash in 2005 and 2006 when 1,000 or more new homes could sell in a month.

The resale median home price, $545,000, was unchanged from last month but rose 4.8 percent from the same time last year. The resale condo price, $383,000, increased 5.9 percent in the past 12 months.

There were 3,850 home sales in July, 549 less than June.

read more at: http://www.sandiegouniontribune.com/news/2016/aug/17/corelogic-home-prices-rise/

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