The median home price in San Diego County was $1.02 million in May, a 2.1% decrease since the previous month's $1.04 million, but a 9.6% increase from last year at this timeMortgage rates that surged to their highest levels since late last year hampered home sales in Southern California last month, while the median home price across the state exceeded $900,000 for the second straight month to set another record high, the California Association of Realtors said Tuesday.
Stronger sales of higher-priced properties continued to contribute to solid median price growth, especially since million-dollar home sales in California have been rising more rapidly than their more affordable counterparts in the state.Sales in the million-dollar-and-higher market segment rose 15.5% year- over-year in May, while sales in the sub-$500,000 segment declined by 12.2%. Sales of homes priced above a $1 million now make up 36.
All major regions experienced an increase in their median price from a year ago. The San Francisco Bay Area posted the biggest price jump on a year-over-year basis, increasing 11.9% from last May. Along with Southern California at 10.0%, they were the only two regions recording a double-digit gain from a year ago, CAR found.The statewide median price in May was $908,040, up 0.4% from April and up 8.7% from $835,280 in May 2023.
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