On Tuesday it was reported that the San Diego County median home price hit its highest of the year in May.
The median home price was $490,000 which is a 6.8 percent increase from the same period of last year. The county in full has yet reach or surpass its its pre-recession peak of $517,500 from November of 2005, although several cities have surpassed it including Encinitas, La Jolla, Ocean Beach and El Cajon.
May’s numbers showed an increase in sales from previous months up to 4,033 homes, even with the drought of inventory.
Raylene Brundage, president of the North San Diego County Association of Realtors, said the increase in sales was hard to notice in the trenches. She said a lack of home inventory is still making it incredibly difficult for first-time buyers and multiple offers on properties have made things hard for all buyers.
“Sometimes when there is a lack of inventory, it pushes people who might have been on the fence before. That may be why we are seeing a bit of a surge,” Brundage said.
Stay tuned to my blog for further real estate news and community new in and around Encinitas California.