28 May San Diego real estate market breaks two-year record
For the first time in nearly two years, the number of homes for sale in San Diego County passed the 4,000-mark.
That’s a lot of sales action, according to real estate tracker CoreLogic, which also reported sales rose 17 percent from March to April. Not only is the number of home sales breaking records, housing prices in the county are also up. The median price of homes for sale in San Diego was $455,000 in April, up 4.6 percent annually. The record-breaking sale numbers come as real estate in San Diego grows even more robust.
Homes for sale in San Diego rise
The San Diego real estate market has had its fair share of good news in recent months. Home appreciation has shot up over the past six months, varying between 3.6 percent and 7.4 percent. The last time home sales reached 4,000 was in August 2013. At that time, home appreciation was 20 percent. Might home appreciation reach that much again? That’s a tough question, because at that time, investors dominated the market after it crashed.
That’s no longer the case, but the real estate market is still brisk. In April, there were 6,386 active listings of resale homes, according to the San Diego Association of Realtors. That’s a bit less than two months’ supply, and analysts would prefer more. The market still faces hurdles, however. Affordability in San Diego is an issue and the inventory of homes for sale in San Diego is still very tight. New home construction is down and median sale prices are relatively flat.