San Diego’s median housing price in June rose nearly 8 percent to $416,500, or $500 below the level designated for a jumbo mortgage, according to the most recent Dataquick housing market report.
In June, San Diego County saw 4,048 houses sold, up 7.8 percent from May. It was the only county among six in Southern California that showed increased sales over the month.
The county’s median price was 24 percent above that of June 2012 when it was $335,500, Dataquick said.
In Southern California, a total of 21,608 new and resale houses changed hands in June, down 6.2 percent from the total in May.
The Southern California region’s median price was $385,000, up 4.6 percent from May, and up 28.3 percent from June 2012.
The median for the region has risen on a year-over-year basis for 15 consecutive months, with the annual gains ranging from about 11 percent to 28 percent.
Cash buyers dipped a bit last month but still made up 30 percent of all home sales in the region, down from 32 percent in the prior year’s June.
The number of home sales in the middle and upper price ranges continued to rocket above year-ago levels, while activity in the lower price ranges declined dramatically, Dataquick said.
“Weak demand isn’t the culprit,” the report said. “The main problems are a fussy mortgage market and an inadequate supply of homes for sale.”
— SDBJ Staff Report