Median home price in San Diego County surpasses $500,000
The median home price in October exceeded a half-million dollars for the first time in a decade in San Diego County, real estate tracker CoreLogic reported Tuesday. Pushed up by high demand and limited supply, the median price hit $507,500, up 11 percent from a year ago. It has still not reached the housing boom peak of $517,500 in November 2005.
Part of last month’s price jump was due to a substantial increase in the price of newly built homes and resale condos.
The median price of a new home in the county was $765,000, a jump of 26 percent from the same time last year. There were 256 new home sales in October, up 20 percent from the same time last year
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San Diego County homeowners saw some of the biggest home value increases in Southern California in the last year, while landlords benefited from some of the lowest rental vacancy rates in the region, said a detailed industry report released Sunday.
While high demand for housing propelled prices higher, industry leaders expect more construction of residential units in 2017 than this year, said the third quarter report from the nonprofit Real Estate Research Council of Southern California.
Forecasts for Southern California predict an average 12.3 percent increase in residential permits next year across all seven counties.