Home prices in San Diego’s North County crept ever higher in October, reaching levels that put the dream of owning a home out of reach for more first-time buyers, according to the North San Diego County Association of Realtors.
The median sales price for a detached single-family home in North County was $680,000 in October – a 4.6 percent jump from October 2016 when the median price was $650,000.
The median price for the year-to-date in North County was $675,000 through October.
“Last year at this time, the storyline was how high demand was propping up sales and prices despite low inventory,” said Michael Carunchio, association president.
“Today, home prices have reached nearly unaffordable levels for many new potential homebuyers while established owners are less interested in moving,” Carunchio said.
The median price for attached homes in North County was $413,500 in October – a 2.1 percent increase from a year ago, the association reported.
Additional stories from the San Diego Business Journal are available here. Sign up for their free daily email newsletter.
