The median price for a home in San Diego reached $500,000 in May — a level that hasn't been seen locally in seven years, according to the San Diego Association of Realtors.
The median price of a house last month was up 2 percent over the month before, and 7 percent higher than in May 2013, according to the organization.
The $500,000 median price for a single-family home was $34,000 above a year ago, the highest since 2007.
As prices increase, the number of homes changing hands is falling. The association said the number of sales last month were 30 percent less than the same month last year.
Association president Leslie Kilpatrick said the number of active listings also is trending up, with more than 7,000 homes up for sale in May. That's a three-month supply.
"I think we typically see, in what they call a balanced market, six months' worth of supply," Kilpatrick said. "So, we are not up to that level yet. We would have to double the inventory to get to that level."
The association said the average San Diego home is on the market for 40 days.
