San Diego could see biggest home price increases in U.S.

San Diego could see biggest home price increases in U.S.

San Diego could see biggest home price increases in U.S.
If conditions remain as they are, the price of a home in San Diego could climb by more than eight percent this year. This anticipated increase in home prices is greater than projections for any other major metropolitan market in the U.S. according to a new report from CoreLogic.

An eight percent increase would take home prices in San Diego above $775,000 by the end of the year. The main driver behind the rapid increase is the anemic level of homes available to purchase.

An analysis from the Redfin Data Center shows there were just 3,763 homes for sale in all of San Diego County – the lowest level in years.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.