San Diego County’s record-breaking home price was unchanged in May at $570,000, increasing 7.6 percent in a year, real estate tracker CoreLogic reported Thursday.
May’s median ends a streak of new records each month for the county home price, with $570,000 still being the highest of all time.
The majority of May’s increase was led by resale single-family homes as the resale condo price dipped.
There were 4,004 homes that sold in May, down from 4,155 at the same time last year. It follows a trend throughout Southern California of declining sales as prices reach new records.
CoreLogic analyst Andrew LePage wrote in the report that a limited number of homes for sale and declining affordability for the average buyer is leading to a reduction in sales.
Here’s how the different home types fared:
- Resale single-family home: Hit an all-time record of $619,500, increasing 5 percent in a year. There were 2,470 sales, down 6.7 percent from the same time last year.
- Resale condo: Down a half a percent from last month for a median of $428,000 with 1,191 sales, down 6.3 percent from same time last year. The resale condo price has increased 9.5 percent in a year.
- Newly built homes: New homes and condos hit a median of $696,500 with 343 sales. The price fluctuates more than other home categories because of low supply, a far cry from before the housing crash in 2006 when up to 1,200 new homes sold in a month.
Declining sales comes as there has been an increase in home inventory the past few months. There were 6,090 homes listed for sale in May, up from 5,060 in May 2017 and 5,913 in May 2016, said the Greater San Diego Association of Realtors.
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