A lack of home supply has pushed up the price of homeownership to its highest in history in much of Southern California.
COVID-19 could not stop the upward pressure on home prices in San Diego County which reached a new high of $600,250 in June.
The median home price in San Diego County crossed the $600,000 line for the first time in June, said CoreLogic data provided by DQNews. It represents a modest 1.7 percent price gain in a year but is still noteworthy as unemployment is at historic highs.
The biggest factor in rising prices is sellers taking homes off the market during the pandemic and causing price wars among buyers. Other factors include a strong desire for homeownership as many are working from home, low mortgage interest rates and construction of homes in San Diego County at Great Recession levels.
San Diego was not alone in this phenomenon, with three of the six Southern California counties reaching record price peaks in June.