On October 26th, real estate tracker CoreLogic reported that San Diego County median home prices hit $495,000 in September, which fell from August. However it is a strong showing from what is normally a slow part of the year. Last month, the median home price reached $498,000 (its highest point in a decade), but the market is still far off from the all-time peak in 2005 of $517,500.
There were 3,786 homes sold last month throughout the state (the lowest number since March), yet still high for this time of year. The September rebound allowed California to post its strongest summer since 2006. The recent sales figures show that the wider regional housing market is slowing, though the home market is reaching a more stable level because the price appreciation is sustainable.
There will likely not be another big home-price increase for the rest of the year now that the summer buying season is over. Distressed sales, made up of foreclosures and short sales, continued to decline toward their historical norms in San Diego County. Just 4.2 percent of sales were distressed, down from 5.8 percent in September last year.
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