San Diego home prices climb 25 percent in a year

San Diego home prices climb 25 percent in a year

San Diego home prices climb 25 percent in a year
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.

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.