Home prices up 21% from year ago

Home prices up 21% from year ago

Pent-up housing demand and low mortgage rates have pushed home prices and sales toward multi-year highs in San Diego County, based on a report from local real estate tracker DataQuick on Tuesday.

The median price for a home sold in May was $406,500, a 2 percent bump from April and a 21 percent jump from a year ago. That’s the highest level since February 2008, when the median was $415,000. Prices have held a five-year high for the past two months.


Increased demand for homes also is reflected in May sales numbers. Countywide, a total of 4,236 properties were sold. That’s the highest tally since June 2006, when 4,533 sales were recorded. Southeastern Carlsbad had the most number of sales at 123.

Home values began their steady rise more than a year ago and exploded with double-digit annual increases starting in September. Those increases have only become more pronounced in recent months.

The same factors are involved in what real estate experts have called an unusual market. Potential buyers, lured by near-bottom mortgage rates, are competing for a limited supply of homes that can sometimes lead to all-out bidding battles. The county also has been seeing a lower mix of distressed sales including foreclosures and short sales, which tends to drive up the median price.

Photo: (AP Photo / Gregory Bull)

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