The San Diego median home price cooled slightly in July, ending a three-month streak of record-breaking peaks.
The $537,750 median dropped nearly $6,000 from last month but still increased 8.6 percent in a year, CoreLogic reported Tuesday.
Experts attribute the high prices to a lack of homes for sale and intense demand. The relatively small reduction in home prices from last month does not have anyone thinking prices are heading south.
“I don’t see anything pushing prices back at this point,” said Mark Goldman, a finance and real estate expert at San Diego State University.
The new median home price record is still far from what the region experienced during the housing boom. When adjusted for inflation, the November 2005 peak of $517,500 equates to more than $644,000 in today’s dollars.
When broken down, all types of housing were down from peaks set the month before:
Median resale home price: $591,750.