Median home price in San Diego drops slightly

SIGNONSANDIEGO NEWS SERVICES
12:31 p.m. October 25, 2004

SAN DIEGO – The median price of an existing single-family detached home in San Diego was $573,080 in September, down slightly from $579,040 the previous month, according to an industry report out Monday.

The median price of a home in the region in September of last year was $433,820, according to the California Association of Realtors.

Statewide, the median home price in September was $465,540, a 21 percent increase over the $384,690 in September of last year.

The median price of an existing single-family home in California in August was $473,360, according to CAR.

"Although the median price of a home in California declined slightly in September compared with the previous month, the trend of year-over-year double digit gains continued," said CAR president Ann Pettijohn.

Closed escrow sales of existing, single-family detached homes in California totaled 626,220 in September. Statewide home resale activity decreased 0.9 percent from the 631,880 sales recorded in September 2003.

"The higher inventory of homes for sale has mitigated some of the upward pressure on home prices," said Leslie Appleton-Young, CAR's vice president and chief economist. "Year-to-date sales are up 4.5 percent, in line with our expectation that sales for all of 2004 will post an increase above 2003's record levels."

The median number of days it took to sell a single-family home was 30 days in September, compared with 24 days for the same month a year ago.

Coronado ranked fourth among the 10 cities and communities statewide with the highest median home prices at $1.295 million. Topping the list was Manhattan Beach at $1.425 million.

In Los Angeles, the median price of an existing single-family detached home in September was $459,660; in Orange County it was $633,340.