Skip to main content

ALERT: KPBS Radio is undergoing scheduled upgrade work which may result in temporary signal outages.

LATEST UPDATES: Tracking COVID-19 | Vaccines | Racial Justice

Countywide Home Prices Up 3%, Sales Slip

A

Photo by Alexander Nguyen

Above: A "for sale" sign is pictured in front of a house in Chula Vista in this file photo from July 21, 2020.

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.

FEATURED PODCAST

San Diego News Now podcast branding

San Diego news; when you want it, where you want it. Get local stories on politics, education, health, environment, the border and more. New episodes are ready weekday mornings. Hosted by Anica Colbert and produced by KPBS, San Diego and the Imperial County's NPR and PBS station.

  • Need help keeping up with the news that matters most? Get the day's top news — ranging from local to international — straight to your inbox each weekday morning.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Curious San Diego banner

Want more KPBS news?
Find us on Twitter and Facebook, or sign up for our newsletters.

To view PDF documents, Download Acrobat Reader.