Demand Pushes San Diego Home Prices Up in December

The San Diego County median home price finished the year at one of its highest points.

  • The county median home price increased 9.1 percent in a year.
  • December’s median price of $540,000 was the second-highest of the year, tied with November
  • Nearly 500 new homes sold in December, the most in one month all year.

San Diego County home price. Here’s the full story

The San Diego County median home price was $540,000 in December, tied for second-highest of the year, capping off a year of record price gains, said real estate tracker CoreLogic on Wednesday.

In 12 months, the median price increased 9.1 percent, outpacing the 4.2 percent yearly increase in 2016.

San Diego County’s median home price hit an all-time high in June of $545,000. Its lowest point of the year was $492,500 in February.

December is typically a slower month for the housing market, but real estate agents and market watchers said high demand, and a limited number of homes for sale based on historic averages, pushed prices up.

Also, a strong economy with high consumer confidence is also a factor, said Alan Gin, economist at University of San Diego’s Burnham-Moores Center for Real Estate.

“The economy is solid. Unemployment is low,” he said. “People hear that housing prices are going up and they want to jump in before it gets out of hand even more.”

read more at: http://www.sandiegouniontribune.com/business/real-estate/sd-fi-corelogic-year-end-20180123-story.html

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