03 Jun Report: San Diego real estate fifth most expensive in the country
Homes for sale in San Diego are ranked #5 for the most expensive real estate in the country, according to a report by the National Association of Realtors. It found San Diego’s real estate market is hot due to strong demand and low inventory, and sales from January-March were up 5.7 percent over last year. Nationwide, home prices are on the rise, increasing in 148 out of 174 cities.
San Diego real estate is no exception, with a median housing price of $510,300, according to the association. It ranked fifth, behind San Jose, San Francisco, Honolulu and Orange County, respectively. Home prices have increased in recent years, but many homeowners are reluctant to move up. That has led to inventory shortages and a run up in housing prices.
The beginning of second-quarter sales are optimistic, but affordability is an issue as the median home prices of homes for sale in San Diego continue to increase. CoreLogic reported home sales rose 17 percent from March to April. 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, despite affordability an issue for many in the area.