San Diego Median Housing Prices Rise in MayThursday, June 13, 2013
The median housing prices in San Diego continued rising at a nice clip in May, according to two recent reports.
Dataquick, the La Jolla real estate research firm, reported the median for San Diego last month was $406,500, up 1.6 percent from April’s median, and 21 percent from the median price in May 2012.
The area had 4,236 sales during the month, up 13 percent from the number sold in May 2012.
For the six-county Southern California region, the median price for all new and resale houses in May increased 3 percent to $368,000. It was up 25 percent from one year ago.
The median price has increased on a year-over-year basis for 14 consecutive months, with the annual gains ranging from 11 percent to 25 percent in the past 10 months, Dataquick said.
John Walsh, Dataquick’s president addressed the apparent forming of another housing bubble: “History suggests that’s a tough call early on. What seems obvious is that if prices keep rising fast, they’ll cause many more people to list their homes for sale, and that increase in supply should at least slow the rate of price appreciation.”
The Greater San Diego Association of Realtors reported the county’s median housing price for single family houses in May was $466,000, up 4 percent from April and 22 percent from May 2012. That number doesn’t include the sale prices on condos.
SDAR said the median price for condos passed the $300,000 mark in May, last seen in March of 2008, before the financial crisis blew.
The markets showing the biggest gains were in Chula Vista, El Cajon, La Mesa, Carlsbad, Oceanside, Escondido and Rancho Bernardo, the SDAR said.
The most expensive property sold last month was a six-bedroom house in La Jolla for $8.8 million.
— SDBJ Staff Report