The San Diego is on its way to becoming the hottest housing market in the U.S. According to a recently released report from S&P CoreLogic, the Case-Shiller Index shows that home prices in America’s Finest City surged 24.7 percent from May 2020 to May 2021. This falls just behind Phoenix which saw a gain of 25.9 percent in home prices.
The record for year-over-year price increases in the region was set back in July 2004 when the sales prices of homes rose 33.4 percent.
A combination of record demand for housing in San Diego and mortgage rates continuing to hover just above all-time lows is driving the wild price increases. Currently, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.00 percent.
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