Median home prices up in San Diego County

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SAN DIEGO — The median price of a home in San Diego County rose by 5.6 percent in November, compared with the same month a year ago, while the number of homes sold shot up 25.2 percent, a real estate information service announced Tuesday.

According to CoreLogic, the median price of a San Diego County home was $495,000 last month, up from $468,550 in November 2015. A total of 3,427 homes were sold in the region, up from 2,738 during the same month the previous year.

A total of 19,530 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 2.4 percent from 20,012 in October but up 24.1 percent from 15,738 in November 2015.

The median price of a Southern California home was $465,000 in November, unchanged from the month before but up 5.9 percent from $435,000 in October 2015.

“The main reason Southern California home sales in November shot up so sharply — 24 percent — year over year is the artificially weak sales recorded in November 2015,” said Andrew LePage, research analyst with CoreLogic.

“Federal lending rules that kicked in during October 2015 resulted in delays that caused some deals to close in December 2015 rather than November 2015,” LePage said. “This means the December sales tally this year will be compared to an artificially inflated December 2015.”

He said this November’s sales also benefited from having one more business day for transactions to be recorded compared to the same month last year.