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San Diego County's median home price hits record $700,000

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San Diego County’s median home price smashed through previous records to hit $700,000 in April.
It represents a 17.8 percent price increase in a year, according to CoreLogic data provided by DQNews. The median home price which includes new and resale homes has not increased at such a pace since October 2013, when the county was still recovering from the Great Recession. The previous record median price was $680,000 in March.
Prices are up nationwide, especially in California. The six-county Southern California region has seen prices rise 20 percent in a year, according to CoreLogic. Most experts are struggling to find reasons why price appreciation could slow down as the year goes on. ....

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San Diego's home price hits a record $700K. Will prices ever stop rising?

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San Diego County’s median home price smashed through previous records to hit $700,000 in April.
It represents a 17.8 percent price increase in a year, said CoreLogic data provided by DQNews. The median home price which includes new and resale homes has not increased at such a pace since October 2013 when the county was still recovering from the Great Recession. The previous record median price was $680,000 in March.
Prices are up nationwide, and especially in California. The six-county Southern California region has seen prices rise 20 percent in a year, said CoreLogic. Most experts are struggling to find reasons why price appreciation could slow down as the year goes on. ....

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Despite the pandemic, San Diego County homebuilding was up in 2020

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San Diego County had the biggest increase in homebuilding in Southern California in 2020 during a pandemic that shuttered much of the economy.
There were 9,486 homes constructed in 2020, up 18 percent from a dismal 2019, said the Real Estate Research Council of Southern California. It is still way off from the more than 17,000 homes built in 2004 but was a return to about average for what has been constructed annually since the region climbed out of the Great Recession.
Real estate experts say the region is still short of meeting its housing needs. Despite many stories of people leaving California because of high costs, San Diego County’s population has continued to grow, albeit more slowly. ....

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Despite slowed rent growth, developers keep building new San Diego apartments

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San Diego’s rent growth slowed in 2020 and all it took was a global pandemic.
For the first time in roughly 10 years, rent prices did not go up for much of San Diego County especially in the months directly following COVID-19 hitting the United States. Rents eventually stabilized but it wasn’t an eye-popping amount. The price of a one-bedroom apartment increased 2.9 percent in 12 months as of February, said rental website Zumper
Landlords had more than just slowed rent growth to worry about in 2020. A patchwork of laws prevented eviction of tenants who had suffered income losses due to COVID-19, and 2020 was the first time that San Diego County was under any rent control law a statewide effort that limits yearly increases here to around 7 percent. ....

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San Diego home prices have biggest gain in 6 years; third highest in nation [The San Diego Union-Tribune]

FAIRFIELD-SUISUN, CALIFORNIA
San Diego home prices have biggest gain in 6 years; third highest in nation [The San Diego Union-Tribune]
San Diego home prices continued their climb in October, rising 11.6 percent the highest in more than six years.
Prices in America’s Finest City increased the third fastest annually in the nation, the S&P CoreLogic Case-Shiller Indices reported Tuesday. Only Phoenix, up 12.7 percent, and Seattle, up 11.7 percent, had bigger gains.
The last time prices in the San Diego metropolitan area increased so rapidly was 12.4 percent in May 2014. Still, it is nothing compared to housing boom times when, in July 2004, prices were up 33.37 percent in a year (only to crash more than 26 percent four years later). ....

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