San Diego County homebuyers, like most of the nation, shrugged off early COVID-19 fears in February as prices increased more than any other California market.
Home prices in the San Diego metropolitan area had risen 4.6 percent in a year, the S&P CoreLogic Case-Shiller Indices reported Tuesday.
The index reflects a strong economy up until the moment the coronavirus began entering the American psyche and massive job losses followed. All home prices in the 20-city index were up and the nationwide average yearly increase was 4.2 percent.
Selma Hepp, deputy chief economist for CoreLogic, said the report showed enthusiasm for home purchases in February for a variety of reasons.
“Things were looking up for the housing market in mid-winter, with low interest rates and still-secure job prospects combining to boost demand for housing,” he wrote, “just as a growing share of millennials were looking to finally take the leap into homeownership.”
There are already signs interest in homebuying has tapered off since March, as well as a many homes being taken off the market. Redfin data shows 13.1 percent of homes in San Diego County were delisted from March 14 to April 10.