26 Jun San Diego real estate breaks more records

San Diego real estate shows no sign of slowing down, just in time for the brisk summer selling season.

San Diego real estate is the #5th “hottest” real estate market in the country in June, according to a new real estate report released last week. That’s up from the #8th “hottest” market out of the top 10 cities in the country in May. Real estate in San Diego had reached the highest rank at that time, but June’s figures broke that record once again.

The study used several factors, including how many days homes were on the market, online listings and how many times a home was viewed online, to compile its findings. It also used data such as active listings of condos and new and resale homes from area Multiple Listing Service feeds.

San Diego real estate study results

The area’s lack of homes for sales, lack of affordability, job growth and relatively low interest rates have pushed home prices up 6.4 percent in the last 12 months. Median home prices in San Diego increased to $489,000 in April — their highest in nearly a decade, according to CoreLogic  data. Last month, San Diego home rose 6.2 percent in May, but fell slightly from the first three months of the year, according to the S&P Case-Shiller Home Price Index.

National statistics back up the figures and interest in San Diego real estate. The National Association of Realtors’ website found San Diego homes for sale were on the market for a median of 40 days, compared to 65 days nationally. That’s in part driven by a few factors, including pent up demand and historically low mortgage rates. Demand is a thorny issue, as the area is a sellers’ market. San Diego homes for sale often get multiple, competing offers. That shows no sign of showing down anytime soon.

California led the list of the “hottest” markets with 7 out of the 10 markets, led by Vallejo-Fairfield near San Francisco.