The median price of a single-family home passed $1 million in August and attached properties also set a high-water mark, the Greater San Diego Association of Realtors announced Monday.
The SDAR used data collected on the San Diego Multiple Listing Service to find the median price increased to $1,025,000, despite what the association is calling"some of the slowest home sale numbers in recent history." The August numbers are up 3% over July and a whopping 13.5% higher than one year ago.
"Home sales remained slow in August due to high interest rates and our severe lack of inventory -- which is also keeping home prices high," said SDAR President Frank Powell."While this may be discouraging to prospective buyers, it is still possible to find the right home with the right patience and planning."
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