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Mid-year housing report: Fewer home listings, new price peaks

Mid-year housing report: Fewer home listings, new price peaks
This home at 8470 El Paseo Grande in La Jolla was the fourth most expensive home to sell so far this year for $10.1 million. (Deborah Greenspan)

Home prices in San Diego County hit new price peaks in the first half of 2017, surpassing numbers seen during the housing boom.

The median home price reached $545,000 in June, the highest in the region's history, and marked the culmination of increases in the first six months of the year.

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Most notably, the number of homes for sale dropped sharply this year. There were 28,725 home listings in the first half, down from 33,890 the same time in 2016, said the Greater San Diego Association of Realtors.

The reduction in listings makes it even tougher for first-timers to get in a home, said Mark Goldman, real estate lecturer at San Diego State University.

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"It's very frustrating for buyers right now because there are not a lot of properties on the market," he said.

sd-fi-g-mid-year-housing-prices S ou r c e s: G r e a t er S an Die g o A ss oci a tion o f R e al t o r s; Co r e L ogic; Zill o w MICHELLE GI L CHRI S T & SHAFFER G R UBB U - T Biggest median home price increase Inc r e a s e f r om f i r s t half o f 2 0 1 6 t o f i r s t half o f 2 0 1 7 1. 9 20 0 3 Bon s all $54 4 ,500 $668 , 000 2. 9 21 1 6 K ensing t on, Normal H t s . $44 0 , 000 $5 2 5 , 000 3 . 9 2 0 10 C arls b ad NE $65 5 , 000 $ 7 81 , 000 4 . 9 2113 L o g an Heig h t s $ 2 9 0 , 000 $3 4 5 , 000 5 . 9 2121 S or r e n t o V all e y $ 5 3 0 , 000 $6 2 3 , 2 50 6. 9 2109 Mi s sion Bch., P aci f ic Bch. $ 6 7 5 , 000 $ 7 8 5 , 000 7 . 9 2131 S crip p s Ranch $6 4 5 , 000 $ 7 5 0 , 000 8. 9 21 2 8 Rancho Berna r do E $ 4 70 , 000 $542 , 000 9 . 91 9 3 2 Imperial B e ach $ 4 52 , 000 $5 1 6 , 000 1 0 . 9 21 0 7 O c e an B e ach $ 7 0 0 , 000 $ 7 9 5 ,500 Communi t y 2 0 1 6 2 0 1 7 Inc r e a s e ZIP c ode 2 2 . 7% 1 9 . 3% 1 9 .2% 1 9 . 0% 1 7 .6% 1 6 . 3% 1 6 . 3% 1 5 . 3% 14 .2% 1 3 .6% Median home price 2 0 12 2 0 13 2 0 1 4 2 0 15 2 0 1 6 2 0 1 7 2 0 11 2 0 10 June 2 0 1 7 $5 4 5 , 000 0 $100 $200 $300 $400 $500 Jan. 2 0 10 $3 0 5 , 000 Mo n thly Listings and sales Home s al e s h av e c o n tinued a t a similar p a c e in the p a s t s e v e r al y e a r s , but li s tin g s c o n tinue t o d r o p , pu t ting mo r e p r es su r e on pri c e s . 2 0 12 2 0 13 2 0 1 4 2 0 15 2 0 1 6 1 7 2 0 11 0 % 10% 20% 30% ’10 ’11 ’12 ’13 1 4 ’15 1 6 1 7 40% 6.2% 3 0. 0% Qua r t erly Q2 2 0 11 32 . 3% Q1 2 0 1 7 1 0 . 4% Uni t ed St a t e s S an Die g o 0 20 40 60 80 thou s and Li s tin g s S al e s 2 0 , 908 January t o June 2 8 , 72 5 $600 thou s and Negative equity rate P e r c e n t a g e o f home o wne r s who ow e mo r e than home is w o r th

Meanwhile, things seem to be going well for people who already own homes. The number of San Diegans who owe more on their homes than they are worth, called "negative equity," dropped to 6.2 percent in the first three months of the year, Zillow said.

San Diego's rate was better than the nationwide average of 10.4 percent but not as low as other parts of California like San Francisco (3.5 percent), Los Angeles (5.9 percent) and Santa Cruz (4.3 percent).

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Rancho Bernardo had the most sales in San Diego County during the first six months of the year with 1,120 out of 6,329 sales. The other big spots for home sales were Carmel Valley, North Oceanside, Southeast Carlsbad, East Oceanside, San Marcos and Otay Ranch.

Some communities saw big increases in sales in the first half of 2017 compared to the same time last year, including Northeast Carlsbad, North Park, Nestor and Mira Mesa.

The second half of 2017 has already shown a slowdown in prices, but analysts are unsure if prices will again reach June's peak before the close of the year.

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