Median home prices in San Diego County rose nearly 8 percent in August, hitting a new record for home sales for the month, according to data from CoreLogic.
The median sale prices in San Diego County were $535,000 last month, rising from $498,000 in August 2016, according to CoreLogic.
"Southern California posted the highest home sales in August 2017 in 11 years for both an August and the combined June-through-August summer period," said Andrew LePage, research analyst with CoreLogic.
But only 4,112 homes were sold in the county, compared to 4,124 homes sold in the same month the year before.
A total of 23,862 new, resale houses and condos sold in August across the six Southern California counties and is the highest for the month since August 2006, according to CoreLogic.
"However, overall summer sales this year were only about 2 percent higher than last year, and only because of gains in mid-level and high-end activity. The number of summer deals for $500,000 or more increased about 15 percent year over year, offsetting declines of 16.7 percent and 8.2 percent, respectively, for sales below $300,000 and $500,000," LePage said.
Inventory in lower price ranges has been diminishing, LePage explained, despite demand.
"The result is somewhat higher price gains in many of the region's more affordable communities," LePage said.
Home sales of $500,000 or more accounted for 50.4 percent of sales in August. The number of homes sold in that price range in August rose 15.9 percent. Sales below $500,000 fell 7.2 percent, according to CoreLogic.
"Southern California's median sale price didn't move much this summer, hovering right around $500,000 between June and August. But this summer's year-over-year gains each month averaged 8 percent, an increase from an average gain of 6 percent last summer," said LePage.
The median price paid for all Southern California homes sold in August was $500,000, down 0.4 percent from $502,000 in July.