The number of homes sold in San Diego County jumped by 31.3 percent in October, compared to the same month a year ago, while prices rose by 11.1 percent, a real estate information service announced today.
"Rising demand has met a dwindling inventory of homes for sale," said DataQuick's Andrew LaPage. "But there's also this statistical quirk where because more of what's selling today is a more expensive move up home and less of it is a cheap inland foreclosure. That also pushes the median price and other price measures up."
A total of 3,622 homes changed hands in San Diego County last month, compared to 2,759 in October 2011, according to DataQuick. The median price of a home in the county in October was $350,000, up from $315,000 in October 2011.
A total of 21,075 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in October, according to DataQuick. That was up 18 percent from 17,859 in September, and up 25.2 percent from 16,829 in October 2011.
The median price for a Southern California home was $315,000 in October, the same as in September but up 16.7 percent from $270,000 in October 2011.
"Watching the market rebalance itself is fascinating,'' DataQuick President John Walsh said. "In some categories and in some neighborhoods, demand outstrips supply, pushing up prices. In other areas, the market is still largely dormant. Low interest rates are a huge factor, where mortgages are available, which they aren't for a lot of potential buyers.''
