San Diego Home Prices Continue Rebound

The San Diego Union Tribune reports:

San Diego County home prices continued their climb last month from the low points of the recession, reaching a median $320,000, MDA DataQuick reported Monday.

That represented a $5,750 increase from June, or 1.2 percent, but left the median still 12.1 percent below year-ago levels.

The median has risen $40,000, or 14.3 percent, from the $280,000 low set in January. However, it is far below the all-time figure of $517,500 set in November 2005.

Two factors may be at work in the rising price trend, the DataQuick figures suggest. One is the relative decline in low-priced foreclosures being resold to new buyers – 37.4 percent of resale transactions in July, compared with 38.6 percent in June and a peak of 55 percent in January.