Countywide Home Prices Up 3%, Sales Slip
The median price of a single-family home in San Diego County rose 3% last month, but sales of existing homes dropped slightly, the California Association of Realtors reported Wednesday.
The median home price countywide in May was $851,000, compared to $825,120 in April, according to CAR.
On a year-over-year level, the price was 30% higher; in May 2020, the median price of an existing single-family property was $655,000, data showed.
RELATED: First-Time Homebuyers Struggle As San Diego County’s Median Home Price Soars
Statewide, the median price last month was $818,260, compared to $814,010 in April — up .5%. In May 2020, the median price was $588,070, reflecting a year-over-year rise of 39%.
The median represents the point at which half of homes sell above a price, and the other half below it.
"A lack of housing inventory continues to push up prices," CAR Chief Economist Jordan Levine said.
He said rising interest rates and "declining affordability" are keeping some buyers out of the market, but "new listings have finally started to rise, which could help to sustain a higher level of home sales deeper into summer by providing much-needed supply."
Last month, home sales countywide declined by 3.2%, but they were up a whopping 76% year-over-year, according to CAR.
The association's Unsold Inventory Index for May indicated that the median time a property was on the market before it sold in California was seven days, and it was the same in San Diego County.