San Diego -Median home price drops 2.5%

After reaching $507,500 in October, the median home price in San Diego retreated 2.5 percent in November to land at $495,000, the same level as in September, CoreLogic reported Tuesday. Still, the median last month was 5.6 percent higher than it was a year ago.

Unit sales were down as usual from October to November but soared 25.2 percent from year-ago levels to 3,427 transactions.

CoreLogic analyst Andrew LePage said the jump reflected a one-time delay in closing transactions a year ago due to federal lending rules changes. November 2015 totals thus dropped more than usual and December’s rose more than is typical at this time of the year.

The same thing in reverse will likely happen when this month’s sales are reported in January — they will look anemic compared to December 2015’s atypical surge.

The median price for 2,119 resale single-family homes dropped $4,000 from October’s level to $549,000, as did 1,054 resale condos, down $10,000 to $375,000. There were 254 newly built homes — both houses and condos — sold for a median $651,500 down from $765,000 in October.

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