San Diego home prices break records
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San Diego home prices break records

The prices of homes for sale in San Diego rose to record levels last month — hitting their highest prices in nearly 9 years, according to CoreLogic real estate figures released on Monday.

CoreLogic found the median home price in San Diego hit $478,000 in March. That figure is higher than the record-breaking $475,000, which was just before the recession in August 2007. But don’t pop out the champagne just yet. While home sales are at epic levels, the number of home sales are down. Those figures increased just 2 percent from March 2015 to now, CoreLogic reported. And that has San Diego real estate experts concerned. MLS_Marcasel-7

San Diego home sales hurt by affordability, demand

After record home prices, how could that be? A lack of San Diego homes for sale and sliding affordability are contributing to lower home sales, experts said. Lower inventory hurt San Diego home sales, and come as San Diego homes on the market often come with intense competition — 3-5 competing offers after just a few days is relatively common. Rising demand plus lower inventory has resulted in a sellers’ market. And home prices keep rising.

In San Diego County, prices rose 5.1 percent year-over-year, CoreLogic said. Meanwhile, from February to March, home prices also increased 5.1 percent.

Prices for new San Diego homes under construction jumped the most, increasing 28.1 percent, in March. The median price of newly-built homes for sale is $634,000. Although spectacular, the prices of homes for sale have yet to reach November 2005’s high of $517,000. Low mortgage rates area also helping to cushion the blow. Rates have fallen from 3.74 percent for a 30-year fixed mortgage in March to 3.19 for a 15-year fixed rate mortgage, and continue to fall. Lower interest rates have largely offset rising home prices — a good thing for money conscious home buyers.

 

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