San Diego County home prices continue to rise as supply dips

SAN DIEGO COUNTY – Home prices continued to rise in San Diego County last month as the total number of sales dipped due to a lack of inventory, data released last week show.

The median price of single-family homes sold in the county rose 3 percent to $614,000 from January to February. The median price of condos and townhouses was up 5 percent over the same period, to $426,000. The figure for condos is the highest median price in the region ever recorded by the multiple listing service, according to Greater San Diego Association of Realtors data.

There were 1,337 single-family homes sold in the county in February, two fewer than in January. Condo sales were down 3 percent over the same time frame, to 707.

“Prevailing mortgage rates are starting to rise, which will have an impact on home-buying decisions,” said association president Steve Fraioli. “I’m hoping that optimism about the economy will contribute to shaking loose the market's supply of homes this spring.”

Encinitas, Encanto and El Cajon represented the ZIP codes with the highest number of sales in the county last month, with 31 sales each. The east side of Vista was next with 30 and Spring Valley, the north side of Escondido and the east side of Oceanside each had 29, according to the report.