The San Diego Association of Realtors data indicates that San Diego’s median home price has shot up by 23% in the last year! The news is even better for condo owners (who, incidentally also took a bigger hit to home value when the market dropped) with a 37% increase.
Astonishing!
While this is good news if you own a home and especially good if you bought in the last year, people shopping for homes may be discouraged.
Not to worry! Those interested in a home definitely need to be out looking and aggressive in their offers but these higher prices will bring more inventory to the market which should slow the steep gains we’ve seen over the last year. That said, higher interest rates should start to phase in over the next 6-24 months and that will cool price increases as well.
One thing is for sure, if you are interested in owning a home in San Diego, don’t waste a minute before you call us to help you understand your financing options. We can also recommend an amazing agent as we work with some of San Diego’s best! Call us at 888-333-0075 now!
Update! Here is the press release from SDAR for those who are interested. SDAR May 2013
