San Diego County’s median home price hit its highest price in history in July, $579,750, while sales hit a four-year low, real estate tracker CoreLogic reported Thursday.
The previous record was $575,000 in May. Home prices have been breaking records on nearly a month-to-month basis all year. As of July, home prices had increased 8 percent in a year — the most of any Southern California county.
Home sales hit its lowest point in years in July with 3,607 sales. The last time sales were that low was July 2014, when the county was still coming out of the housing bust, when there were 3,530 sales.
Affordability constraints for many potential buyers could be the reason why sales are so low despite more homes on the market, said CoreLogic analyst Andrew LePage in the monthly report.
“The overall trend in recent months has been toward more listings,” he wrote, “suggesting that sales also remain weak relative to current housing demand because more and more would-be buyers are unable or unwilling to buy.”
Home inventory has increased slightly in recent months, but it is still below levels reached in years past, said data from the Greater San Diego Association of Realtors. There were 7,613 homes listed for sale in July, up from July 2016 when 5,828 homes were for sale, and 6,571 homes for sale in July 2015.
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