14 Jul San Diego real estate growth outpaces the nation
San Diego leads the state in real estate growth. The median price of homes for sale in San Diego County county grew 6.3 percent in the last 12 months, according to the S&P Case-Shiller Home Price Index. That’s above Los Angeles and Orange Counties, where home prices increased 5.9 percent during that time. Case-Shiller measures and compares big-city housing markets by tracking repeat sales of identical single-family houses.
The region’s low unemployment, low interest rates and a positive consumer outlook have helped drive prices, San Diego real estate experts said. San Diego real estate is not alone in its growth. The West Coast outpaced the country, with Portland having the largest gains at 12.3 percent; Seattle at 10.7 percent; and Denver at 9.5 percent. Nationally, home prices grew 5 percent.
And with home price gains come affordability concerns. The area’s growing home prices keep more first-time buyers out of the housing market as they have a tough time coming up with a down payment. Real estate tracking firm CoreLogic reported the county’s median home price reached $490,000 in May. That’s still well below the pre-recession peak of $517,500 in November 2005.
Real estate tracker CoreLogic reported last week that San Diego County’s median home price reached $490,000 in May. The county has yet to reach its pre-recession peak of $517,500 from November 2005.