San Diego median home price still breaking records

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October 29, 2020
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San Diego median home price still breaking records

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The median home price in San Diego County blew past the previous record to hit an all-time high of $634,000 in July.

A lack of homes for sale also created high competition among home buyers, with bidding wars pushing purchase prices even higher. The traditional spring home-buying season also shifted to the summer following the shutdown caused by the coronavirus last April and May, when sales plummeted. Nationally, the index value of a resale house increased 6.7% in September.
CoreLogic officials called the housing market “a bright spot” in an otherwise struggling economy still burdened by high unemployment rates and a third spike in COVID cases. “COVID has contributed to the acute shortage of inventory as the pace of new construction slowed and older prospective sellers postponed listing their homes until after the pandemic,” CoreLogic Chief Economist Frank Nothaft said in a statement. Improved containment of the virus could cause home price gains to slow as more homes are put up for sale, Nothaft said. “Once the pandemic passes or a vaccine is widely administered, we should see a noticeable pick-up in for-sale homes,” he said.  “And if the economy’s recovery is sluggish next year, distressed sales may also add to market inventory.”

 

The San Diego Union Tribune is also reporting that San Diego home prices are increasing the 3rd fastest in the nation. Read the article here.

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