San Diego Real Estate News and Market Conditions

As we head into the holiday season and towards the end of another year, the overall state of the San Diego real estate market it looking quite well.

Although San Diego housing is currently being outperformed by other large California cities like San Francisco and Los Angeles, the growth of the city’s real estate market is keeping pace with that of the country’s overall market, and there is plenty to look forward to over the course of the coming year.

Housing Prices Decreased Slightly

After rising slightly in August by 0.3 percent, the average price of San Diego homes dipped in September, according to the San Diego Union-Tribune.

Although median home prices fell by one percent to 460,000 dollars, David Blitzer, managing director of the index committee for S&P Dow Jones Indices told the Union-Tribune that the general pricing trends of the housing market have been on the rise for the better part of the year.

Housing prices are up across the country, growing at a 4 to 5 percent annual rate nationwide, and the average cost of a San Diego house is now 15,000 dollars greater than it was at this time last year.

While not the best news for buyers, property value increases are a great sign for those looking to sell their homes. Steady price increases also indicate to buyers that if they get into the market now, there is a strong indication that their investment in a house will increase the value of their equity as housing prices continue to rise year after year.

It may cost more money to purchase a home now, but if the housing market continues to improve, investments will be worth more than the initial cost in just a few years time.

San Diego is Outpacing the Country

San Diego home prices outpaced New York City, Chicago, Phoenix, and even beat out the national average, proving that the city is performing well in the overall US real estate market. Although growth did not achieve the level that San Francisco did (10.7 percent), the city is still keeping up with others of its size across the nation.

Now is the Time to Buy and Sell

According to the September reports, 2,238 of the 3,633 home sales last month were resales. Whether you are looking to build a new home, buy a resale house, or sell your current property, the experts at Metro San Diego Realty can help you through the process. See all of our current listings throughout the San Diego area today.