Median home costs in county rose 8.1 percent from last year - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Median home costs in county rose 8.1 percent from last year

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SAN DIEGO (CNS) - The median price of a home in San Diego County rose by 8.1 percent in September, compared with the same month a year earlier, while the number of homes sold dipped by 6.2 percent, a real estate information service announced Tuesday.

According to CoreLogic, the median price of a San Diego County home was $535,000 last month, up from $495,000 in September 2016. A total of 3,553 homes were sold in the county, down from 3,786 during the same month the previous year.

A total of 20,956 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 12.9 percent from 24,055 in August and down 1.7 percent from 21,325 in September 2016.

The median price of a Southern California home was $505,000 in September, up 1 percent from $500,000 in August and up 9.8 percent from $460,000 in September 2016.

"The Southern California median sale price's climb back to the peak it reached more than a decade ago reflects the region-wide strengthening of home prices, which has boosted homeowner equity and helped spur consumer spending and economic growth," said Andrew LePage, research analyst with CoreLogic. "In inflation-adjusted terms, however, the region's median last month was still almost 13 percent below its 2007 peak."

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