Are home prices down in San Diego–or not?
Today’s San Diego Union Tribune noted that San Diego home prices had softened a bit over the month of September, with countywide median home prices standing at $456,750 for the month of October. Overall, though, home prices in San Diego County are up 4 percent year-over-year. Thr bright spot in the market is in the southern and eastern part of the county, spurred by buyers priced out of the market in other parts of the county. It seems Alpine, El Cajon and Santee and other part of East County, where median real estate prices have risen 9.3 percent since October, 2014.
Below are supporting stats, again provided by the San Diego Union Tribune and CoreLogic:
Median Year-over-Year San Diego Home Price Changes
- Central San Diego: $456,000 to $460,000 (0.9%)
- South County: $380,000 to $410,500 (8.0%)
- East County: $370,000 to $404,500 (9.3%)
- North County Inland: $455,000 to $475,000 (4.4%)
- North County Coast: $578,750 to $585,000 (1.1%)
The cheapest places to buy a home in San Diego County are Campo at $235,500, Logan Heights at $267,500, and National City at $294,545. Meanwhile, the most expensive is in Del Mat at $1.5 million, followed by Coronado at $1.4 million, La Jolla at $1 million and Carmel Valley at $938,250.
San Diego home prices down may make a good headline, but only time will tell which direction they will head if interest rates rise. In that case, will inventory levels increase as the pool of qualified buyers decreases? Will we head into a more “normal” market (though someone once advised me that “normal” only occurs on washing machine settings).
More reports to follow soon!