Median price for homes in San Diego hits whopping $634,000

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This house in Chula Vista, California is selling for $689,900.

SAN DIEGO (Border Report) — Median home prices in San Diego have hit a record high, reaching $634,000 for the month of July, according to CoreLogic data.

The median price is 9.3 percent higher from same time a year ago. In June, the figure was slightly over $600,000.

Prices are up throughout Southern California. In Temecula, located in Riverside County just north of San Diego, a home that sold for $490,000 last December resold for $536,000 eight months later.

This house in Temecula, California sold for $536,000 this month up $46,000 from when sellers bought it eight months prior.(Courtesy: Adrian Mora)

That would be a bargain in San Diego County, where having multiple offers on homes for sale has also become the norm. Real estate agents are advising their clients to bid between $10,000-$30,000 above asking price for a chance to get the property.

Historic low interest rates are fueling the buying frenzy.

According to a loan officer with Summit Funding in San Diego, the rate for a 30-year, fixed-rate mortgage in July was 3.02 percent (it was 3.77 percent at the same time last year).

Home inventory is also very low.

According to the Paragon Multiple Listing Service, there are 3,868 homes on the market right now in San Diego County, roughly 35 percent less from the same time last year.

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