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San Diego Home Prices Hit Nearly Five-Year High

— San Diego County's average home price climbed to $380,000 last month. That's $60,000 higher than the average price from a year ago.

Aired 4/18/13 on KPBS News.

San Diego County's average home price has climbed to a nearly five-year high.

The county's housing market is continuing to show signs it is rebounding.

According to Dataquick, which tracks real estate activity in the county, 3,762 homes changed hands in the county last month.

That's up from 3,237 homes sold in March last year. Inventory remains very tight and the market dynamics are shifting.

"Sales are down in many of the more affordable markets," said Andrew LePage, Dataquick analyst. "Certainly there are fewer foreclosures occuring. There are fewer foreclosures being resold. At the same time, low mortgage rates and a shift in the buyer psychology has boosted sales in the mid- to high-end market."

LePage said credit appears to be more available, investor and cash buyers are accounting for a lot of the sales activity, and trends indicate that the number of flipped homes is rising. Those are homes bought and sold within six months, LePage said.

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