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2016-07-27 11:29:37
San Diego County median home price up by 6.4%

Source: The San Diego Union-Tribune Author: Phillip Molnar Originally published on July 26, 2016 at https://www.sandiegouniontribune.com/news/2016/jul/26/home-price-socal-may

Home prices across Southern California continued to increase in May but the pace at which they went up appeared sluggish, said the S&P CoreLogic Case-Shiller Indices released Tuesday.

San Diego County’s median home price, adjusted for seasonal swings, increased 6.4 percent in the last 12 months, while Los Angeles and Orange Counties increased 5.4 percent.

Portland continued to dominate with the biggest gains, 12.5 percent in May. It was followed by Seattle at 10.7 percent, Denver at 9.5 percent and Dallas at 9 percent.

National home prices increased 5 percent — unchanged from last month.

“I think it is actually good. Our wages can’t keep up with 5 percent or higher price increases,” said Dana Kuhn, real estate lecturer at San Diego State University.

The rate at which prices in San Diego are increasing has been mostly flat or decreasing since the start of the year. The median price year-over-year was up 6.9 percent in January, 6.4 percent in February, 6.2 percent in March and 6.3 percent in April.

Kuhn said available homes for sale was not meeting demand and affordability issues are also a factor.

“We’re reaching the point where people can’t pay,” he said.

The median home price in San Diego County hit $495,000 in June, CoreLogic reported last week.

David Blitzer, managing chairman of the Index Committee at S&P Dow Jones Indices, said in May’s report that the housing market was strong, in part because sales of existing homes reached the highest monthly level since 2007.

'Regional patterns seen in home prices are shifting. Over the last year, the Pacific Northwest has been quite strong while prices in the previously strong spots of San Diego, San Francisco and Los Angeles saw more modest increases,” he wrote in the report. “When home prices began to recover, New York and Washington saw steady price growth; now both are among the weakest areas in the country.'

In the last 12 months, the median home price in Washington, D.C., increased 2.4 percent and 2 percent in New York. The two regions had the lowest increases in the nation.

Svenja Gudell, Zillow chief economist, said in a statement that while the latest numbers look calm and consistent, it hides real struggles for buyers.

“Sellers are in the driver’s seat, as buyers contend with fierce competition and very fast-moving markets,” she said. “Demand is sky high and the number of homes sold is rising, even as inventory of homes for sale keeps falling.”

Gudell said buyers looking to purchase a more expensive home are better positioned than those trying to buy an entry-level home.

The Case-Shiller index is considered the gold standard for measuring and comparing overall big-city housing markets because it tracks repeat sales of identical single-family houses as they turn over through the years.

phillip.molnar@sduniontribune.com (619) 293-1891 Twitter: @phillipmolnar

 
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