Local home prices continue to rise

SAN DIEGO — Resale home prices continued a record run through June, according to statistics released Tuesday by the Greater San Diego Association of Realtors.

Single-family home prices edged up 2 percent month-over-month, hitting $655,000, nearly 7 percent higher than a year ago. Condominium and townhouse prices rose 1 percent from May to June to reach $425,000, a 4 percent increase from June 2017.

For the first six months of the year, prices of previously owned homes were up nearly 8 percent. However, the number of single-family home and attached property sales were down 17 percent and 12 percent, respectively, from June of last year.

High competition among buyers and low supply led to resale properties closing escrow in an overage of 25 days.

“Our housing market is definitely active this summer,” association President Steve Fraioli said. “And the result is quick sales above asking price. Inventory is likely to be persistently lower, but I think San Diego County will finish the summer on an upswing.”

Southeast Carlsbad had the most single-family home sales in the county, with 58. Fallbrook was next with 56, followed by west Rancho Bernardo with 49 and south San Marcos with 51.

The most expensive single-family property sold in the county last month was a 2,464-square-foot home in Del Mar with 50 feet of beachfront, which fetched $7.5 million.