Hey Jim – did you say home prices went up 9% in one month?
No, the NSDCC median sales price went up 9%, and there’s a difference.
Here’s a look at the mix of homes between La Jolla and Carlsbad that sold in their respective months:
||Total # of Sales
||# Sales Under $1M
||# Sales Over $3M
More of the larger homes are selling.
The NSDCC Median Sales Price in May
increased 9% over April, but the median size went up 5% too.
It’s probably too simple to calculate 9% – 5% = 4% but the local annual appreciation has been at least 30% lately so a month-over-month increase of 3% to 4% in the hottest months of the year seems reasonable.
Though the May sales will be down 10%, the number of sales over $3,000,000 went up 11% in one month!