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S.D. housing prices expected to level off

The latest home sales numbers are out for last month, and San Diego's median home prices have broken a new record. However, the rate of growth is still leveling off. KPBS reporter Alison St John has

The latest home sales numbers are out for last month, and San Diego's median home prices have broken a new record. However, the rate of growth is still leveling off. KPBS reporter Alison St John has more.

The median home price for October in San Diego was $513,000, the first time the median came in over the half million dollar mark. John Karevoll of Dataquick says this is up only five percent from last year and only three percent from last month. He says this suggests a gentle landing for housing prices.

Karevoll: "What everybody is watching San Diego so carefully for is whether the market is going to end with a pop or whether the air is going to be let out of the balloon, as it were, and the indication right now is that we're in for a leveling off of the market, not any steep downturn."

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Home prices in San Diego were going up 23 percent annually last year, so this year's five percent increase is a marked slowdown in the wild ride for homeowners. Alison St John, KPBS news

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