Today I’d like to give you a quick market update for San Diego.
Home prices throughout California continue to outpace the rest of the nation. Here in San Diego, the low interest rates are continuing to keep prices high. According to CoreLogic Statistics, home prices in San Diego have risen 6.3% in the last 12 months.
We’re expecting the seller’s market to continue.
Median home prices have reached $490,000. The pre-recession peak was $517,000 in November of 2005. What does this mean for buyers? Because of the Brexit decision in June, interest rates are expected to remain low. For sellers, the combination of low interest rates and low inventory—right now we’re seeing less than three months’ worth of inventory for sale on the market—means that we’re expecting to see the seller’s market continue.
Until next time, if you’ve got any questions about our market please feel free to give me a call or send me an email. I’d be happy to help you.
