Local Median Home Prices Rising
Wednesday, July 15, 2009
SAN DIEGO Home sales in San Diego County jumped by 20 percent in June, compared to the same month a year ago, but prices dropped by 15.1 percent, a real estate information service reported today.
A total of 3,692 homes sold in June, up from 3,077 for June 2008, while the median price of a home in San Diego County last month was $314,000, down from $370,000 in the same month a year ago, according to La Jolla-based MDA DataQuick.
According to DataQuick, home sales in the six-county Southern California region in June jumped by 29 percent over the same month last year, reaching its highest level in 30 months, while home prices dipped 26.4 percent to $265,000. The median home price was the highest since it was $278,000 last December.
"The rising median should still be viewed mainly as a sign the market's moving back toward a more normal distribution of sales across the home price spectrum," said John Walsh, MDA DataQuick president. "Sales in many higher- cost neighborhoods couldn't have gotten much lower, so this recent uptick in activity should come as no surprise. The recession and problem mortgages are fueling more high-end distress, hence more high-end `bargains.' What's missing, still, is a wide-open financing spigot for the would-be buyers of these more expensive homes."
A total of 23,262 new and resale homes sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was up 12 percent from 20,775 in May and up 29 percent from 18,032 in June 2008.
The median price of a Southern California home was $265,000 in June, up 6.4 percent from $249,000 in May but down 26.4 percent from $360,000 in June 2008.