The median priced home in San Diego County rose 3 percent in June from the previous month to $481,000, according to the Greater San Diego Association of Realtors.
The organization said for the full year to June, the median price increased 23 percent.
Condos and townhomes, which are not counted in the single family data, increased 34 percent over the 12 months to June to $301,000, SDAR said.
Inventory grew slightly in the past month, indicating more sellers are entering the market, but properties are being scooped up quickly, SDAR said. In June, the average sale took 48 days, down from a year earlier when the average time on the market was 88 days.
Linda Lee, SDAR’s president, said despite the rapid median increase, the region isn’t headed to another housing bubble.
“There’s a great deal of cash buyers purchasing homes and everyone else is well qualified. The banks continue to be very careful about whom they are lending money to and that’s a significant change,” she said.
The most expensive property sold last month in the county was a five-bedroom, eight-bath estate in Poway that closed at $9 million.
— SDBJ Staff Report