San Diego County home prices rise slightly, with significant increase in sales

SAN DIEGO (KUSI) – The median price of a single-family home in San Diego County edged up 1.6% last month, while sales of existing homes rose significantly, the California Association of Realtors said Friday.

The median home price countywide in June was $865,000, compared to $851,000 in May, according to CAR.

On a year-over-year level, the price was 28% higher; in June 2020, the median price of an existing single-family property was $678,000, data showed.

Statewide, the median price last month was $819,630, compared to $818,260 in May — up 0.2%. In June 2020, the median price was $626,170, reflecting a year-over-year rise of 31%.

The median represents the point at which half of homes sell above a price, and the other half below it.

“Tight supply, low rates and the change in the mix of sales continue to be the primary factors pushing up home prices to record levels,” CAR Chief Economist Jordan Levine said. “However, we are expecting price growth to slow from this point on as the top end of the market begins moderating.”

He anticipated “lackluster” sales activity for the second half of the year.

Last month, home sales countywide rose 16%, and they were up 29% year- over-year, according to CAR.

The association’s Unsold Inventory Index for June indicated that the median time a property was on the market before it sold in California was eight days, and in San Diego County, it was six.