The median home price in the San Diego area was down 1.7 percent in October from the previous month, and sales showed a double-digit drop compared to the same period a year ago.
Statewide, the median home price increased 17.2 percent and sales decreased 2.8 percent compared with the same period a year ago, according to the Los Angeles-based California Association of Realtors.
“While California is still experiencing year-over-year double-digit price appreciation, prices are starting to level off compared with the statewide peak reached in August 2005,” said CAR President Vince Malta.
The numbers in the San Diego region indicate a leveling-off trend is under way. The median existing home price stood at $601,850 in October, down from $612,030 the previous month, but up 6.2 percent from $566,740 a year ago.
Sales were down 13.8 percent in October, compared to the previous month, and were down 10.5 percent year-over-year.
In neighboring Orange County, the median home price was $701,520 in October, down 1 percent from September’s $708,840, but up 12.8 percent from $622,090 in October 2004.
Sales in the Orange County area were down 11.8 percent in October compared to the previous month, but were up 5.3 percent from year-ago levels.
In the Los Angeles area, the median home price was $557,730 in October, down from $560,990 in September, but up 21.7 percent from $458,210 in October 2004.
Sales in the Los Angeles area were down 22.5 percent from the previous month, and dropped 2.7 percent from a year ago.
The median price of an existing, single-family detached home in California in October was $538,770, compared to a revised $459,530 median for October 2004, CAR reported.
The October median price was down 1 percent compared with September’s $543,980 median price.