Home Prices

Sorry, San Diego, Your Home's Value Only Went up $13,000 Last Month

San Diego County home prices are up 16% since this time last year

San Diego existing single-family home-sale prices are cooling but still up 1.5%, month-to-month.

The median price of an existing, single-family home in San Diego County was $888,000 in February, up from $875,000 in January and from $765,000 one year ago, the California Association of Realtors reported Tuesday.

Those figures represent a month-to-month gain of 1.5%. Homes in that category netted an increase in value of 16.1% since last year at this time.

NBC 7's Dana Griffin heard from a first-time home buyer about her struggles closing on a home in San Diego.

Statewide, the average median home price rose to $771,270, up from $765,610 in January and $699,000 in January 2021.

In January, the median price of an existing single-family home in San Diego County was $875,000, up from $836,700 the previous month. That $38,300 spike represents a 4.6% month-to-month increase.

Total sales of existing, single-family houses in California were down 4.5% from January and 8.2% from February 2021, to a total of 424,640 in February. Southern California saw a 9.9% decrease in total house sales over February 2021.

The city of San Diego's Bridge to Home program will provide millions in gap funding to affordable-housing developers for projects that wouldn't otherwise be financially practical, reports NBC 7's Dana Griffin.

The median number of days it took to sell a California single-family home was nine in February, down from 10 days in February 2021.

"Despite higher mortgage rates, California's housing market is holding up remarkably strong, with home prices re-accelerating, market competition growing and signs that the listings crunch is thawing," CAR President Otto Catrina said in a statement. "Prospective buyers are taking advantage of still-low rates before they move higher and getting a jump on competition before the start of the spring home-buying season."

The leader in home prices continues to be the San Francisco Bay area, where the median price was $1.335 million, with a high of $2.1 million in San Mateo County, $1.9 million in San Francisco, $1.82 million in Santa Clara County and $1.58 million in Marin County.

The stronger-than-expected growth in the statewide median price was attributed partly to a change in the mix of sales toward homes in the million- dollar price range, as sales jumped in higher-priced regions such as the Central Coast and the San Francisco Bay Area, according to CAR.

The cheapest houses in California can be found in Lassen County in the far north with a median price of $239,000.

City News Service contributed to this report -- Ed.

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