Dwindling home inventory and low mortgage interest rates have led to large price increases across Southern California
San Diego County’s median home price hit an all-time high of $594,455, pushed up by declining inventory and dropping interest rates.
Like much of Southern California, the county has seen sales increase as mortgage interest rates started dropping in the spring and competition heated up. The previous high in the county was $590,000 in June, according to CoreLogic data provided by DQNews.
The median home price has increased 5.2 percent in a year, a turnaround from a few months ago when prices were down year-over-year by 1 percent. With 3,180 closed transactions in November, sales were up 8.6 percent from the same time last year when interest rates were much higher.