San Diego Median Home Prices Dips Slightly for August

In August the median price for a single-family home fell 0.7% to$586,000 in comparison to July, for a gain of 6.5% since August 2004. This is the fifth month in a row that year over year appreciation has been in the single digits. The average home price gained 8.2% to $732,000.

In contrast, condo prices continued setting new highs in August with the median price up 5.1% to $389,000. Annual price gains have been in single digits for five during the last six months.

Sales of single-family homes continue below last year's record setting pace falling 5%. Condo sales were off 8.3%.

What does that mean for San Diego real estate? The way I see it first-time home-buyers who can't afford the single-family homes continue to rise the condo prices. Home-sellers on the other hand, who were used to having their homes in the market for an average of 20-30 days during last year, now they are pricing their homes realistically after seeing their homes being in the market for longer than 30 days.

Where is the San Diego real estate market heading? Keep tuned...

Click San Diego real estate homes for sale San Diego mortgage home loan refinance for a complete report on median prices by zip code and more information about buying or selling your San Diego home, as well as mortgage information, tools and view the current San Diego interest rates.