The median price of an existing home in California increased
20.1 percent in August and sales increased 7 percent compared with the same
period a year ago, the California Association of Realtors reported recently.
“California hit a new record median of $568,890 in August,” noted CAR President
Jim Hamilton. “This was the second strongest August sales figure on
record…surpassed only by August 2003.”
In San Diego County, the median sales price in August stood
at $616,870, up 6.5 percent over August of 2004 while unit sales were up a
little over 3 percent from the same period.Despite the rise in county home prices, San Diego ranks 11th in median
sold price, according to the CAR. Topping the list is Santa Barbara, South
Coast, at $1,301,000 followed by Santa Barbara County, $819,850; Santa Cruz
County at $783,000; Santa Clara County at $760,000; and San Francisco in fifth
place at $730,360.
“While fixed mortgage interest rates have not increased,
adjustable rates have risen in reaction to the Federal Reserve and a more
general increase in short term rates,” said Hamilton. “Since more buyers and
relying on adjustable-rate mortgages to finance the purchase of their homes,
buyers may be moving more quickly to make the home purchase decision in
anticipation of future rate increases. This is adding more pressure to the
price of a home.”
