San Diego Business Journal

San Diego Sees Median Home Prices Increase in April

Wednesday, May 15, 2013

San Diego’s median housing price based on April sales rose 21 percent to $400,000, and local sales numbered 3,792, up 6.5 percent from the same month a year earlier, according to Dataquick, the local real estate research firm.

The regional median price for the six counties in Southern California increased 23 percent over the year to $357,000. That was the highest median for the region since June 2008 when it was at $360,000.

The median price in April was a 58-month high and reflected both home price appreciation as well as a stronger mix of higher-priced homes and a drop in the number of sales of foreclosures, Dataquick said.

The region’s housing market is still rebalancing, said John Walsh, Dataquick president. “Activity in middle and high-end communities is on its way up. Now it’s catch up time, with a healthier economy spurring more demand and rising prices tempting more people to put their homes up for sale.”

Sales year over year in the $300,000 to $800,000 market rose 35 percent, while those in the above $500,000 category were up 53 percent from April 2012.

Buyers paying with cash accounted for 33.5 percent of last month’s regional sales, compared with 32.3 percent a year earlier.

The typical monthly mortgage payment buyers committed to last month was $1,275, up from $1,252 in March, and up from $1,096 a year earlier.

The most active lenders in the SoCal region last month were Wells Fargo Bank, JPMorgan Chase, and Prospect Mortgage, Dataquick said.

— SDBJ Staff Report