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San Diego home values continue to climb

SAN DIEGO – The median price of residential real estate in the San Diego region continued a climb through record territory last month while the number of homes that changed hands shrank, a local Realtors group reported Thursday.

The median price of a single-family home that sold in June was a record $619,900 — 1 percent above the level in May and 10 percent higher than June of last year, according to the San Diego Association of Realtors.

For attached housing like condominiums and townhouses, the median price last month was $415,000 — 6 percent above the month before and 10 percent higher than one year earlier.

The SDAR reported that 2,340 houses sold last month, about the same as in May but 3 percent below June 2016. For condos, 1,138 sold, 9 percent below May and 14 percent less than June of last year.

Real estate experts have blamed a lack of homes for sale for the latest run-up in prices.

In the first six months of this year, 11,812 houses were sold in San Diego County, compared to 11,878 in the same period of last year, according to SDAR data. In the first half of this year, 5,984 condos sold, compared to 6,276 in the same time frame of 2016.

In June, single-family homes were selling in an average of only 28 days, while condos and townhomes closed an average of 20 days from the point that they went on the market.

“These statistics point to the gravity of the housing shortage in San Diego and California,” said SDAR President Bob Kevane.

The most expensive sale in June was a 12,500-square-foot, six-bedroom, 10-bath estate in Rancho Santa Fe with a price tag of $11 million.