Real Estate & Area News

San Diego Housing Market Heating Up

San Diego has become one of the better-performing housing markets in the country in recent months as sales have picked up and prices have surged dramatically on year-over-year terms. The nation's eighth largest city, San Diego saw an 18 percent increase in median sales price from a year ago to $415,000 in April. At the same time, homes sold after an average of 50 days on the market in April, down 33 percent from a year earlier. Of course, with prices surging and inventory declining, some economists have begun to express concern about the city becoming too expensive for middle-class families. Prices have not reached bubble prices seen in the mid-2000s, before the recession, but the growth in property values has outpaced wage and job growth, leading some to predict an exodus of lower-income families to less expensive communities on the outskirts of San Diego. Most housing experts, however, expect supply and demand conditions to balance out moving forward.

May 29, 2014