New San Diego median home price: $535K

The San Diego County median home price was $535,000 in September, unchanged from August, real estate tracker CoreLogic reported Tuesday.

In June, the price hit an all-time peak of $545,000 but has slowly declined after the busy spring and summer buying season.

The median home price has increased 8.1 percent in a year as of September. The number of homes available for sale this year has noticeably decreased but purchases have remained about the same year to year.

There were 5,678 homes listed for sale in September, said the Greater San Diego Association of Realtors, down from 6,597 listings in September last year, and 7,134 in 2015.

Meanwhile, there have been 32,301 home sales so far this year. That’s pretty close to the 32,759 sales last year during the same time and 32,377 in 2015.

Mark Goldman, finance and real estate lecturer at San Diego State University, said people are doing everything they can to get into homes right now but that won’t last.

“The number of sales is going to slow down because there’s simply not enough inventory coming on,” he said. “Eventually, it’s going to have pressure on the number of transactions.”

Prices for all types of homes in September were mostly unchanged from the previous month’s numbers.

  • Median resale home price: $585,000. With 2,205 sales in September, the resale home price has increased 7.5 percent in a year.
  • Resale condo price: $405,000. Condo prices have increased the most in a year, 8 percent, of any housing category. There were 1,080 home sales in September.
  • Newly built home price: $625,750. With 268 sales, the newly built home price is down 9 percent from last year but it fluctuates more than other home categories because of limited supply.

Absentee buyers, typically investors who don’t intend on living in the home as a primary residence, made up 20.1 percent of sales in September, down from 20.4 percent of sales at the same time last year. In early 2013, more than 30 percent of sales went to absentee buyers.

Among ZIP codes with at least 15 sales in August, Ocean Beach median resale single-family home price went up the most in a year, 37.7 percent, to $1.2 million. It was followed by Escondido, increasing 35 percent, to $769,000, and Logan Heights, increasing 34 percent, to $416,000.

With resale condos, Hillcrest increased the most in a year, 40 percent with a $593,000 median home price. It was followed by 38 percent increase in Mission Valley (92108) with a median of $370,000, and Rancho Penasquitos (31 percent) with a median of $430,000.

Sales hit a three-year low for September throughout Southern California, but the median home price was up 9.8 percent in a year in September to $505,000. The largest increase was in Orange County, at 10.9 percent, to a median of $710,000.

It was followed by Los Angeles County with a 9.5 percent increase for a median of $575,000; San Bernardino County with an 8.7 percent increase for a median of $325,000; Ventura County with an 8.6 percent increase for a median of $549,500; San Diego with the 8.1 percent increase; and Riverside County with a 7.5 percent increase for a median of $360,000.

phillip.molnar@sduniontribune.com (619) 293-1891 Twitter: @phillipmolnar

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