he San Diego County median home price was $529,750 in October, a steady decrease from its peak this summer, real estate tracker CoreLogic reported Wednesday.
An all-time peak of $545,000 was reached in June.
The median home price has increased 4.4 percent in a year as of October. It is the lowest yearly gain since June 2016, but could just mean more sales at the lower end or a slight cooling of the market after a busy summer buying season.
Mark Goldman, finance and real estate lecturer at San Diego State University, said it’s clear the market slowed, but was not a reason to panic.
“I’m seeing a few examples of agents that are a bit surprised in some sub-markets that homes are not selling as quickly or at as high a price as they expected,” he said. “But, San Diego is still one of the most robust markets in the country.”
The average time on market in October was 30 days, said the Greater San Diego Association of Realtors, down from 34 days at the same time last year. Homes between $250,001 to $500,000 sold the quickest of any category, in an average 25 days (down from 30 days last year).
Homes that sold for $1.25 million and above were the only category of homes to have more time on market -- at an average 61 days, up from 58 days last year.
Sales and inventory numbers appear to be on a collision course in San Diego and most markets in California. The number of homes for sale keeps decreasing, but demand is not slowing down.
There were 5,436 homes listed for sale in October, down from 6,211 listings at the same time last year, 6,964 in 2015, and 8,295 in 2014.
Meanwhile, sales are not noticeably different. There were 3,587 home sales in October, 3,597 last year at the same time, 3,356 in 2015 and 3,350 in 2014.
Prices for most types of housing were up year over year:
- Median resale home price: $580,000, 2,237 sales. The home price has increased 5.6 percent in a year.
- Resale condo price: $408,000, 1,100 sales. The price has increased the most of any category — 6 percent — in a year.
- Newly built home price: $671,500, 250 sales. The newly built home price is down 12.2 percent from last year but it fluctuates more than other home categories because of low supply.
Absentee buyers, typically investors who don’t intend on living in the home as a primary residence, made up 21.4 percent of sales in October, up from 19.9 percent of sales at the same time last year. In early 2013, more than 30 percent of sales went to absentee buyers.
October home sales were the highest for Southern California in five years with 20,735 sales. The region’s most affordable counties, Riverside and San Bernardino, experienced the biggest annual home sale gains.
Andrew LePage, CoreLogic research analyst, said low home inventory and strong job growth should continue to push prices up — and make it difficult for potential first-time buyers.
The median home price for all of Southern California was up 6.5 percent in a year to $495,000. The biggest increase was in San Bernardino County with a 12.3 percent annual increase for a median of $320,000.
It was followed by Los Angeles County with a 7.6 percent increase for a median of $565,000; Riverside County with a 6.9 percent increase for a median of $358,000; Orange County with a 5.3 percent increase for a median of $690,000; San Diego with the 4.4 percent increase; and Ventura County with a 2.2 percent increase for a median of $547,000.
Median home price is not the only measure of the market. The closely watched S&P Case-Shiller Indices released Tuesday showed San Diego with the third-highest home price growth in the nation in September. It goes beyond just price to look at repeat sales of identical single-family houses as they turn over through the years.
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