San Diego home sales up in August

Home sales in San Diego County increased by 0.1 percent in August, compared with the same period a year ago, but were down 13.4 percent from the previous month, according to figures released Friday.

The median price of an existing single-family home in San Diego County last month was $375,710, up 0.8 percent from $372,640 the previous month, but down 3.3 percent from $388,710 in August of last year, according to the California Association of Realtors.

Statewide, home sales increased 9 percent in August, compared with the same period a year ago, but were down 5.1 percent from the previous month, according to CAR.

“First-time buyers continue to be the driving force in home sales throughout the state,” said CAR President James Liptak. “The federal tax credit, which has helped more than 1.4 million people become first-time homeowners nationally, is set to expire Nov. 30. The tax credit is a proven economic stimulus that clearly is working, and should be extended through 2010 and expanded to include all home buyers.”

The statewide median price of an existing single-family home was $292,960 last month, up 2.6 percent from $285,480 in July, but down 16.9 percent from $352,730 in August of last year, according to CAR.

“The statewide median price rose for the sixth consecutive month in August,” said CAR Vice President and Chief Economist Leslie-Appleton-Young.

“Recent price gains are consistent with the low inventory levels of the past few months. Levels of distressed properties remain high, but have declined compared with earlier in the year, and are one reason why inventory levels are running below the state’s long-run average of 7.2 months.”

Statewide, the 10 cities with the highest median home prices in California during August were:

• Saratoga, $1,337,000
• Palos Verdes, $1,170,000
• Newport Beach, $1,040,000
• Los Gatos, $900,000
• Cupertino, $870,000
• Danville, $825,000
• Santa Monica, $810,000
• Rancho Palos Verdes, $765,000
• Arcadia, $750,000
• Mountain View, $732,500

The cities with the greatest median home price increases in August compared with the same period a year ago were:

• San Juan Capistrano, 28.8 percent
• Laguna Hills, 17.6 percent
• Placentia, 10.9 percent
• San Rafael, 10.1 percent
• Fullerton, 7.2 percent
• Benicia, 5.6 percent
• Arcadia, 5 percent
• Alhambra, 3.5 percent
• Costa Mesa, 3.1 percent
• Walnut 2.9 percent