Thinking of selling? The time is still now!

Thinking of selling?

The time is still now!!

Despite reports in the news that house prices are dropping, San Diego's housing market appears to be bucking the trend. In fact, recent data shows that house prices in San Diego are actually creeping up again. So why is this happening? Experts suggest that San Diego's strong and diverse economy, coupled with its desirable location and limited supply of housing, are contributing factors to the city's resilient housing market. Additionally, low mortgage rates and a high demand for housing in the area are also driving prices up. While other parts of the country may be experiencing a cooling off period in their housing markets, San Diego's housing market continues to remain hot.

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San Diego home price creeps up, but still behind these cities

BY PHILLIP MOLNAR Union Tribune

San Diego home prices are slightly rising again but still down sharply from a year ago.

The San Diego metropolitan area saw its annual price decrease 5.3 percent in March, said the S&P Case-Shiller Indices report released Tuesday. That puts San Diego in the bottom three of the 20-city index, while half of the cities — mainly in in the South and Southeast — continue to show price growth.

Real estate experts say many homeowners, who might have normally sold, are holding off because they locked in substantially lower mortgage rates over the last few years. Moving now would likely mean taking on a substantially higher monthly payment, and they would face a difficult shopping process — even if they left San Diego — as inventory is down across the nation.

There were around 2,915 San Diego County homes listed for sale in March, said the Redfin Data Center , the lowest in 12 months. That was down considerably from the summer when inventory reached nearly 6,000 homes for sale in August.

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Homes in Austin and Boise are Selling for $80,000 Less Than a Year Ago

May 22, 2023 by Lily Katz - REDFIN

Pandemic boomtowns and pricey coastal markets are seeing historic home-price declines. Nationwide, the median home sale price dropped nearly $18,000 from a year earlier in April as elevated mortgage rates dampened homebuyer demand.

The median U.S. home sale price fell 4.1% ($17,603) year over year in April to $408,031. That’s the biggest drop on record in dollar terms and the largest decline since January 2012 in percentage terms. April marked the third consecutive month of year-over-year declines following roughly a decade of increases. READ MORE

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Should there be more homebuilding in unincorporated San Diego County?

County Supervisors last week approved new county rules to expedite housing construction in unincorporated communities.

BY PHILLIP MOLNAR

JUNE 2, 2023 4:40 AM PT

San Diego County Supervisors recently approved new county rules to expedite housing construction in unincorporated communities.

While it is unclear how much these relaxed regulations will spur home building, it is a notable change considering much of unincorporated San Diego County has traditionally been largely shut off to development or very difficult to get approved.

In 2022, 17 percent of all housing built in the county — 1,667 units — was in unincorporated areas. Considering it is such a massive land area, the final numbers were disappointing to housing analysts.