San Diego home prices surged sharply upward in the first half of the year as local inventories remained tight.
The Greater San Diego Association of Realtors said the average home price hit $481,000 last month, up 23 percent over the average price a year ago.
The average price of a condo or townhome stood at $301,000. That's an increase of 34 percent since last year.
The number of homes changing hands slipped 11 percent over the past year. Condo and townhome sales were down 2 percent.
The association said the average home was on the market for 48 days last month. The average stay on the market was 88 days a year ago.
The group's president, Linda Lee, said in a release that the price hikes are not an indication there's another real estate bubble growing. She said there are a lot of cash buyers in the market and borrowers are well qualified. That wasn't the case during the last bubble.
The most expensive San Diego County listing to change hands was a $9 million dollar estate in Poway. The 15,800-square-foot home has five bedrooms and eight bathrooms.
