The median home price in San Diego County hit an all-time high of $517,500 in November 2005 before the housing bubble burst. Try not to let that remind you of anything with the news that median home prices reached a new all-time high in April when county prices hit $525,000.
The San Diego Union-Tribune says that’s a 7.4 percent gain in the last year, ahead of most Southern California markets ($485,000 overall) according to the latest report from real estate tracker CoreLogic.
The biggest reason for the price hike? Lack of inventory. There were 3,618 homes sold in the county in April, the lowest total in that month since 2012. Likewise, the 4,763 active home listings was down from 5,754 in 2016 and 6,386 in 2015.
Resale homes sold had a median price of $575,000, which also broke the previous record of $574,000 from May 2006. Resale home prices also featured a 7.5 percent increase, the highest total ever. Resale condo prices came in at $385,000, just $15,000 off the all-time high from April 2005.
The biggest yearly price increases in Southern California can be found in San Bernardino County, where the median price of $300,000 is up 9.1 percent. Riverside County followed with a $356,000 median price, up 7.9 percent from last year.