San Diego home prices on the rise - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

San Diego home prices on the rise

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SAN DIEGO (CNS) - The median price of a home in San Diego County rose by 7.4 percent in April, compared with the same month a year earlier, while the number of homes sold tumbled by 9.1 percent, a real estate information service announced Tuesday.

According to CoreLogic, the median price of a San Diego County home was $525,000 last month, up from $489,000 in April 2016. A total of 3,618 homes were sold in the county, down from 3,980 during the same month the previous year.

A total of 20,244 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 down 8.4 percent from 22,094 in March and down 4.8 percent from 21,274 in April 2016.

The median price of a Southern California home was $485,000 in April, up 1 percent from $480,000 in March and up 6.2 percent from $456,500 in April 2016.

"At first glance, Southern California's April 2017 home sales seem a bit underwhelming, especially after a strong start to the homebuying season this March when sales hit a decade-high for that month," said Andrew LePage, research analyst with CoreLogic. "However, compared with this April, March 2017 had three more business days and April 2016 had one more business day on which deals could be recorded. When measured by the average number of transactions recorded daily, last month's sales were roughly the same as in March 2017 and April 2016."

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