Record-Breaking San Diego Median Home Price Up 30% From 2020
By Rebekah Gonzalez
June 17, 2021
However, the California Association of Realtors (CAR) reported on Wednesday, June 16, that sales of existing homes have dropped slightly.
In May, the median home price throughout the county was $851,000 compared to $825,120 in April according to CAR.
Compared to last year, the price was 30% higher with the median price of an existing sing-family home being $655,000 in May of 2020.
The median price statewide has gone up 39% over the past year. In May of 2020, it was $588,070 compared to last month's median price of $818,260.
CAR Chief Economist Jordan Levine told NBC7 the lack of housing inventory is what continues to push prices up.
Rising interest rates and "declining affordability" are keeping some people out of the market but "new listings have finally started to rise, which could help to sustain a higher level of home sales deeper into summer by providing much-needed supply."
Even though home sales in San Diego County declined by 3.2% last month, they're still up by 76% year-over-year, according to CAR's data.
CAR's Unsold Inventory Index for May 2021 showed that the average time a property was on the market before it sold in California and San Diego County was only seven days.