San Diego County has surpassed its peak home price from 2007 – 2008 in March of 2018 at a new record high of $625,400! This was confirmed from a recent email from California Association of Realtors Senior Economist, Oscar Wei. At the time of this update, the average home price for all homes, including condos, single family, and manufactured homes, was $687,312.
Below is the latest San Diego home statistics:
Below is the San Diego County Home sale information for March 2018:
With the economy expected to grow at a faster pace and the labor market remaining solid, housing demand should stay strong in 2018.
The question is where the supply will be coming from. This issue will not be resolved over night and the California Association of REALTORS® (C.A.R.) expects a tight supply condition this year, as the demographic shift, the effect of tax reform, and concerns over property taxes/capital gains tax liability continue to prevent homeowners from listing their properties. The likelihood of multiple interest rate hikes and the widely anticipated increase in inflation will also play a role and could slow down the home sales momentum as well. As such, C.A.R. projects that existing home sales in California will only increase by 0.3 percent in 2018.
Home prices are also expected to increase, as the imbalance between supply and demand continues to exert upward pressure on prices. Housing affordability will be negatively impacted as a result, and could be a force to counterbalance the price appreciation created
by the market competition. The tug of war between the two forces will elevate the statewide median home price to a higher level, but will keep price appreciations under control. C.A.R. predicts that the statewide median home price will be up a moderate 3.2 percent in 2018. While the housing market in California is not expected to have a robust year in both sales and price in 2018, it should continue to have a decent performance this year.
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