Home prices continue upward trend in San Diego County - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Home prices continue upward trend in San Diego County

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SAN DIEGO (CNS) - The median price of a home in San Diego County rose by 8 percent in July, compared with the same month a year earlier, a real estate information service announced Thursday.

According to CoreLogic, the median price of a San Diego County home was $579,750 last month, up from $537,000 in July 2017. A total of 3,607 homes were sold in the county, down 3.5 percent from 3,739 during the same month the previous year.

A total of 21,277 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 6.6 percent from 22,786 in June, and up 0.3 percent from 21,214 in July 2017.

The median price of a Southern California home was $530,000 in July, down 1.3 percent from the record high of $537,000 in June and up 5.8 percent from $501,000 in July 2017.

"It's not unusual for a regional median sale price to fall back a bit from an all-time high, such as the $537,000 record median logged this June," said Andrew LePage, research analyst with CoreLogic. "Last month's median price was up 5.8 percent relative to last July, which was the lowest annual growth in 18 months and a further sign of the continuing erosion or affordability."

For a look at drastically different housing prices 40 years ago, take a look at this vintage News 8 footage: 

Click here to view on YouTube. 

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