San Diego home prices are up - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

San Diego home prices are up

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SAN DIEGO (CNS) - The median price of a home in San Diego County rose by 4 percent in June, compared with the same month a year ago, while the number of homes sold dipped by 1.3 percent, a real estate information service announced Tuesday.

According to CoreLogic, the median price of a San Diego County home was $495,000 last month, up from $476,000 in June 2015. A total of 4,409 homes were sold in the county, down from 4,467 during the same month the previous year.

A total of 24,326 new and resale houses and condos changed hands in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month, according to CoreLogic. That was up 9 percent from 22,327 in May and down 0.2 percent from 24,377 in June 2015.

The median price of a Southern California home was $464,000 in June, up 1 percent from $459,500 in May and up 5 percent from $442,000 in June 2015.

"The median price paid for a Southern California home has risen on a year-over-year basis each month for more than four years, and over the past two years those annual gains have been single-digit and fairly steady, averaging about 6 percent," said Andrew LePage, a research analyst for CoreLogic. "As the region's median sale price edges closer -- within 8 percent -- to its all- time high, it's important to consider the context: It's been almost nine years since the median peaked at $505,000 in the spring-summer of 2007.

"Adjusting for inflation, last month's $464,000 median remained almost 19 percent below that 2007 peak. Even in Orange County, where last month's median sale price hit a new high for the second consecutive month, the median, after adjusting for inflation, was still about 10 percent below its all-time high from the last cycle."

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