Single-Family Home Prices in San Diego County Hit Record High

Single-family home prices in San Diego County hit a record high in May, according to housing statistics released today by the Greater San Diego Association of Realtors.

The median single-family home price was $650,000 last month, a 5 percent increase over April. Meanwhile, attached properties, including condominiums and town houses, settled at a median price of $421,000, just more than 2 percent over April numbers.

Overall, resale property home prices have seen a year-over-year increase of 6.5 percent, according to GSDAR.For 2018, however, sales of existing homes are down nearly 8 percent from last year. Supply is low, but demand remains high.

Homes don't stay on the market long. In May, single-family homes were closing escrow in an average of 26 days, while attached properties closed in only 21 days.

``Prospective home buyers should expect a competitive housing market throughout the summer,'' SDGAR President Steve Fraioli said. ``Fortunately, the low inventory of homes for sale doesn't seem to be dampening their demand.''

North Oceanside had the most single-family home sales last month, with 63. Carmel Valley, north Escondido and Fallbrook came next, with 58, 53 and 51 sales, respectively.

Photo Credit: Mary Ayala

Source: CNS

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