San Diego home price leaps to all-time high: $634,000
Home prices in San Diego County blew past previous records to hit an all-time high of $634,000 in July.
That represented a 9.3 percent price increase over a year earlier, according to CoreLogic data provided by DQNews, its highest annual jump in nearly two years. The previous record median price — the point where half of all homes sold for more and half for less — was $600,250 in June.
Prices were up sharply across Southern California as experts pointed to historically low interest rates and a lack of homes on the market as driving forces — despite a global pandemic and high unemployment.
Rich Toscano, a partner at San Diego financial firm Pacific Capital Associates, said it is hard to imagine a better scenario for rising home prices: People don’t want to put properties on the market because it could risk bringing COVID-19 into their houses, which has made listings even more scarce. Borrowing costs are low. And buyers are seeing increased value in homeownership as they are stuck working from home.
“For now, everything is going in the housing market’s favor,” he said.
https://www.sandiegouniontribune.com/business/real-estate/story/2020-08-20/san-diego-home-price
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