Home Sales and Median Price Increase in MarchTuesday, April 15, 2014
Home sales in San Diego increased in March, and the median price rose 4 percent from February to $427,000, according to Dataquick, the La Jolla real estate research firm.
During the past 12 months to March 2013, the median price for a house in San Diego has risen 12 percent.
While sales jumped 20 percent last month to 3,057, it was still well below historic averages. For the six-county Southern California region, sales were off by 27 percent from the average going back to 1988, Dataquick said.
“The jump in home prices and mortgage rates over the past year has priced some people out of the market, while other would-be buyers struggle with credit hurdles,” said Dataquick analyst Andrew LePage.
Also contributing to slower sales was many potential move-up buyers who held back while considering whether to give up the great mortgage rate they’re currently paying to buy another home, LePage said.
Cash buyers in the Southern California region made up 29 percent of total sales last month, down from 31 percent in February and 35 percent in March 2013, the report said.