The California Association of Realtors reports that compared to a year ago, the median price of an existing home in San Diego increased 2.3 percent in May and sales decreased 19.7 percent. Compared to the month before, the median price rose 3.5 percent, while sales increased 4.9 percent.
The median price of a home continued to increase in May, but at a more sustainable 8 percent rate. This is the first time since November 2001 that the median price did not increase by double digits, reflecting the return to a more balanced market.
The median price of an existing, single-family detached home in California during May 2006 was $564,430, an 8 percent increase over the $522,530 median for May 2005. The May 2006 median price increased a half percent compared with April's $561,750 median price.
Statewide, the 10 cities and communities with the highest median home prices in California during May 2006 were: Laguna Beach, $1,692,500; Saratoga, $1,500,000; Burlingame, $1,371,000; Newport Beach, $1,336,000; Manhattan Beach, $1,241,500; Los Gatos, $1,180,000; Santa Monica, $1,162,500; Rancho Palos Verdes, $1,144,000; Lafayette, $1,142,500; Calabasas, $1,130,000; Santa Barbara, $1,130,000.
Statewide, the 10 cities and communities with the greatest median home price increases in May 2006 compared with the same period a year ago were: Santa Monica, 60.3 percent; Ridgecrest, 56.3 percent; Adelanto, 42.5 percent; Loma Linda, 36.7 percent; Barstow, 36 percent; Laguna Beach, 33.8 percent; Delano, 33.3 percent; Tustin, 32.8 percent; Campbell, 32 percent; California City, 30.6 percent.