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San Diego Home Prices Hit a 4-year High

May 12, 2022

San Diego Home Prices Hit a 4-year High

DataQuick released reports today showing that the number of homes sold in July was less than June, however the home prices have risen to the highest level in 4 years. There were 3,565 home sales in July with a median price of $342,000. This is the highest the median has been since August of 2008. Condo sales saw the biggest price increase among types of residences and central San Diego was the hottest area which had a price increase of 18 percent. Distressed properties comprised only 39.7 percent of the sales, the lowest precentage since January 2008, while 'high-end submarkets saw increased activity' says DataQuick. Mortgage rates are still historically low. Couple that with less homes on the market, especially distressed properties, and demand should continue to increase.

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