Prices continue to rise throughout San Diego County and we are approaching the 2005 pre-recession median home price peak of $517,500. In fact, multiple zip codes throughout the county have met or exceeded their pre-recession peaks with many of those zip codes located in the North County Coastal area.
Real Estate Report
This is great news for those who are building equity, hard on those trying to enter the market, and scary for those who got hurt during the recession. But what do those numbers really mean? Housing affordability in San Diego County has dropped significantly since 2012, but even with significant price increases, it hasn’t changed much since 2014. This is because those price increases have not been adjusted for inflation, or changing incomes and interest rates. First American’s Economic Center has taken these factors into account in a recent report titled, First American Real House Price Index (RHPI).
The index set the RHPI at 100 in January 2000 and then compares those values to today’s numbers adjusting for income and interest rates. San Diego’s Real Price Index in April 2016 was 84.1. Recent events, like “Brexit,” have helped push down interest rates, increasing buying power even more. I’ll have our updated RHPI in next month’s San Diego County Real Estate Report.
Click on the links below to read the full housing statistics reports.
- NORTH COUNTY MONTHLY INDICATORS
- METRO SAN DIEGO COUNTY MARKET UPDATE
- EAST SAN DIEGO COUNTY MARKET UPDATE
- SOUTH SAN DIEGO COUNTY MARKET UPDATE
- SAN DIEGO COUNTY MONTHLY INDICATORS
North County Summary
• The median price for all North County home sales, all property types, increased 4.5 percent in June 2016, compared to June 2015.
• The median price for detached homes in North County was $650,000 in June 2016, up 7.2 percent from $606,450 in June 2015.
• The number of sold units in North San Diego County for June 2016 decreased 11.8 percent compared to the previous year, and pending sales dropped 1.5 percent in the same period.
• The median days on market for North San Diego County properties decreased 17.6 percent compared to the previous June from 34 to 28.
• The supply of inventory for all properties in North San Diego County rose slightly from the previous month going from 2.3 to 2.6 months’ supply.
Full County Summary
• The median price for all San Diego County home sales in June 2016 was $500,000 a 4.2 percent increase compared to June 2015.
• The median price for detached homes in San Diego County was $567,500 in June 2016, up 4.2 percent from June 2015.
• The median price for attached homes in San Diego County was $380,000 in June 2016, a 8.6 percent increase over June 2015.
• The supply of inventory countywide dropped to 2.3 months’ supply in June 2016 compared to 2.8 months’ a year earlier.