San Diego – home prices dip in February

The San Diego County median home price dropped 1 percent in February to $492,000, CoreLogic said.

Typically one of the slowest months of the year, the February median price has increased on average just 1.4 percent from January since 2000.

San Diego’s median hit $507,500 in October but has been under half a million dollars since. It is still below the nominal 2005 peak of $517,500 (or $644,487 in 2016 dollars).

There were 2,605 home sales in February, down 405 homes from its average since 2000.

However, over the 12-month period the county’s median home price increased 8.1 percent, CoreLogic said.

Chris Thornberg, economist and founding partner of Beacon Economics, said a sales drop in February was not a big enough indication that the more robust spring or summer buying season would not occur as usual.

However, he said three factors may impact buying as the year goes on — higher mortgage interest rates, economic uncertainty with Trump administration policies and a possible slowdown of American home purchases by foreigners.

“Any of those could be a realistic reason for slowing activity,” he said, “and any of these reasons could say to us this summer won’t be as good as last summer from a sales and price perspective.”

The February resale home median price in San Diego County was $535,000, with 1,657 sales, and the resale condo price was $383,750, with 778 sales. In a year, the home price increased 6.2 percent and 9.6 percent for condos.

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