San Diego – Median home prices surpasses $500,000

The median home price in October exceeded a half-million dollars for the first time in a decade in San Diego County, real estate tracker CoreLogic reported Tuesday.

Pushed up by high demand and limited supply, the median price hit $507,500, up 11 percent from a year ago. It has still not reached the housing boom peak of $517,500 in November 2005.

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Part of last month’s price jump was due to a substantial increase in the price of newly built homes and resale condos.

The median price of a new home in the county was $765,000, a jump of 26 percent from the same time last year. There were 256 new home sales in October, up 20 percent from the same time last year.

But resale homes, which made up 63 percent of October sales, also powered prices up. The median price for a resale house was $549,000, up 9.1 percent, its biggest year-over-year increase in 2016. Sales came in at 2,259, up 5.5 percent from a year ago.

More than 1,000 resale condos sold, bringing the median to $385,000, up 10 percent in a year and its highest point since May 2007.

Andrew LePage, data analyst at CoreLogic, noted home sales were still at historic lows, about 6 percent below average for October going back to 1988. He said the lack of homes for sale continues to put pressure on the market.

“It comes down to job growth and limited supply,” he said.

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