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Median Prices for Area Home Sales Increase for 5th Month

Monday, January 29, 2018   /   by Sean Zanganeh

Median Prices for Area Home Sales Increase for 5th Month

Median prices for home sales increased for the fifth consecutive month, according to the latest statistics from the San Diego Association of Realtors.

Sold listings in August were up 25 percent year-to-date compared to August 2008, according to the SDAR’s Multiple Listing Service.

The August median price was $375,000 for single-family homes and $226,575 for condos and town houses.

While August sold listings were at a slight decrease compared with July, more than 2,600 properties were sold and at a faster clip than in the past, according to the association.

Properties averaged less than 70 days on the market.

“These numbers accurately reflect what chief economist for the National Association of Realtors Lawrence Yun forecasted at this month’s regional real estate summit,” said Erik Weichelt, 2009 SDAR president. “At the summit, Yun shared his prediction that our local market was on a slow and steady upward swing and these numbers clearly support that prognosis. With less than two months of housing inventory currently on the market, and an influx of new buyers as a result of the $8,000 tax credit, it is only natural that the median price will be at an increase and the market will see improvement.”

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