The San Diego County median home price reached $515,000 in March, its highest point in a decade and a 7.7 percent increase in a year, real estate tracker CoreLogic reported Tuesday.
The median price had been below half a million dollars since October last year, which had some analysts surmising costs had hit an affordability wall. But, the March numbers show some buyers are willing to go higher to get homes.
While the new price might seem historically high, it is still below the nominal 2005 peak of $517,500, the equivalent of $644,487 in 2016 dollars after adjusting for inflation.
Analysts say a lack of available homes for sale is probably the biggest factor in March’s numbers, but there are other reasons, too.
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