San Diego- Median home price hits highest point in a decade

The San Diego County median home price hit $498,000 in August, its highest point in a decade, real estate tracker CoreLogic reported Monday.

Home prices have climbed steadily most of the year, but are still below the  all-time peak of $517,500 set nearly 11 years ago.

In August, the median price of a resale home was $550,000, a 6.8 percent increase in the last 12 months. Resale condos reached $377,750, up 7 percent in a year, and newly built homes were $684,5000, up 5.6 percent in a year.

“It’s possible that the Southern California median sale price has already peaked for the year at $465,000, where it has held steady for the last three months,” he said. “Historically, the median sale price has most often peaked in one of the summer months or in December.”

Experts suggest a lack of inventory, low mortgage rates and a lag between home construction and demand have kept housing prices rising.

The Greater San Diego Association of Realtors said the number of single-family resale listings dropped 2 percent from August 2015 to 2,124 and increased 1 percent over the same period on resale condos and townhouses to 1,127 units.

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