Good news for San Diego county – home prices are up. Over the past month the average price of a single-family home has risen by about $500.
That may not sound like a lot, but it’s part of a greater upward trend. The average price of $335,000 is a whole big beautiful $10,000 more than the average price last year. Even better, the increase is across the board – new homes, existing homes, condos, you name it.
Actual sales, though, are down. This isn’t especially surprising, given the time of year and the market’s recent history. Put the pieces of the puzzle together and you’ll realize that fewer homes are selling, but those homes are more expensive than they used to be.
What does this mean? Well, it’s nothing very unexpected. More affluent neighborhoods, like more affluent people, tend to recover from economic decline more quickly. Furthermore, stable prices may be more reassuring to buyers on the fence than a few extra buyers here and there.