As measured by the size-adjusted median home price, the local housing market continued its 3-month winning streak in June.
While detached homes put in a respectable 1.4 percent increase in their size-adjusted median price from the month before, the condo median exploded upward by 9.1 percent for the month. A volume-weighted aggregate of the two increased by 3.4 percent.
Since the March low point, this home price measure has increased 4.8 percent for detached homes, an amazing 22.0 percent for condos, and 9.3 percent in aggregate.
The size-adjusted median price, while better than the unadjusted median, is still subject to substantial distortions. I’ve discussed this many times, most long-windedly here, so I won’t drag everyone through all that again. Suffice it to say that it’s exceedingly unlikely that home prices, and especially condo prices, have been nearly as volatile as the accompanying graph of the size-adjusted median price would suggest.
That said, the sizable increase in the size-adjusted median and the dearth of available inventory together make a pretty convincing case that San Diego home prices are, in aggregate, on the rise.
And with that, I’m off to do my patriotic duty and drink excessive amounts of beer. If you want to hear more gibbering about the local housing market, among many other things, I will be on the voiceofsandiego.org radio show on AM 600 KOGO tomorrow (Sunday) at noon. The show should eventually be archived here.