San Diego County home prices inched up $5,000 to reach a median $295,000 in May, MDA DataQuick reported Tuesday. The increase was propelled by an improvement in resale condos and new-home purchases, even as resale houses remained unchanged from April.
As prices rose, sales fell 3.9 percent from April to 3,242 transactions, although they were up 8.8 percent from May 2008. Over the last decade, May has occasionally trailed April in sales.
It was the first time since last January that sales were lower than the month before but the 11th straight month of a year-over-year increase – albeit, the smallest since August’s 1.8 percent rise.
The overall median has now risen $15,000 from the low of $280,000 set in January. However, it is 22.4 percent below year-ago levels and 43 percent below the all-time high of $517,500, set in November 2005.
The single-family resale median was $325,000, unchanged from April, and $6,000 above the most recent low set in March. Sales totaled 2,068, down from 2,207 in April but 16 percent above May 2008 levels.
Resale condos turned in a median of $199,000, up 9.3 percent from April’s $182,000 but down 30.8 percent year-over-year. There were 974 sales, down from 987 in April but up 10.2 percent from May 2008.
The new-home category, including both new construction and condo conversions, had a median price of $476,000, compared with $438,000 in April and $435,000 in May 2008, a 9.4 percent improvement. There were 200 sales, up from 181 in April but down 36.1 percent from May 2008.
