According to the S&P CoreLogic Case-Shiller Indices released on Tuesday, San Diego home prices have exceeded those of both California and the country for the third month in a row. San Diego home prices rose a seasonally adjusted 6.6 percent in the last year, placing it at No. 8 on the indices and greatly outpacing Los Angeles, San Francisco, and New York.
In May, the San Diego County median home price hit a record $530,000. However, when the 2005 median is adjusted for inflation, the $644,500 record indicates a considerable amount of headroom in the current housing market. The monthly report of the indices showed that low mortgage rates and lack of homes for sale throughout the nation continue to push prices up. The report questioned whether home prices would gently slow or if they would crash, though it indicated that a crash is unlikely at the moment.
USD economist Alan Gin put it plainly to the San Diego Union Tribune: “High demand and low supply mean higher prices.”
Does the current market climate mean that this is the right time to sell for you and your family?