20 Nov Affordability fuels sales of eastern and southern San Diego real estate
Strong activity from buyers reeling from higher home prices in Central San Diego are boosting home values in eastern and southern areas of the county.
There, median price sales rose 9.3 percent from October 2014 to October 2015 — the fastest-growing sub-region in the county in cities such as Alpine, El Cajon and Santee. The strong growth in those areas come as San Diego real estate prices fell slightly in October. Real estate data firm Corelogic reported prices of real estate in San Diego county fell 1 percent, to $456,750, from September to October.
Year-over-year, prices were up 4 percent. Regionally, sales in southern California have been impacted by tight inventory and lower affordability. San Diego was not immune, and areas such as East County and South County are feeling the positive effects as more buyers seek affordable homes. San Diego County recorded 2,142 resale house sales, 1,000 condo resales and 214 new homes sold in October, a drop since September.
Still, luxury San Diego real estate remains on the rise.
Areas such as Rancho Santa Fe, Del Mar, La Jolla and Carmel Valley continue to boom. Rancho Santa Fe remained the most expensive area to live in the county with a median home price of $2.4 milion, a 6 percent increase from October 2014. Rancho Santa Fe cracked Forbes’ annual list of the most expensive zip codes in the nation.