San Diego median home price hits $575k

San Diego County’s median home price hit another record in June, reaching $575,000, while sales hit their lowest point in years, real estate tracker CoreLogic reported Tuesday.

The previous record was $570,000 in May. Home prices have been steadily breaking records all year, with prices increasing 5.5 percent in a year as of June.

A lack of homes for sale has reduced sales significantly, while pushing prices up. There were 3,927 home sales in June, down 9.4 percent from the same time last year. That’s the lowest in four years for June in San Diego County.

“Affordability and inventory constraints are likely the main culprits in last month’s sales,” wrote CoreLogic data analyst Andrew LePage, “which applied to all six of the region’s counties and across most of the major price categories.”

San Diego County’s resale home market, the most significant part of the puzzle because it has the majority of sales, hit a new peak while sales dipped. The median for a single-family home reached an all-time record of $630,000, a 5.8 percent increase in a year.

read more at: http://www.sandiegouniontribune.com/business/real-estate/sd-fi-corelogic-home-20180724-story.html

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