San Diego home prices climbing as demand remains strong

San Diego home prices climbing as demand remains strong

San Diego home prices climbing as demand remains strong
After months of being on record as the market with the slowest home price gains in the nation, San Diego County beat expectations by seeing a 2.9 percent annual gain in prices as of October. This brings the median home price in the County to $630,000. Although this was below the national increase of 3.3 percent, the year-over-year climb is indicative that demand for housing in the region remains strong.

The S&P CoreLogic Case-Shiller Indices reported last week that home prices were higher across the nation with Phoenix seeing the largest increase – 5.8 percent. Experts are largely attributing the rising prices to falling interest rates motivating buyers resulting in increased demand for homes.

Ultra-pricey San Francisco was the only major metropolitan market in the nation to see a price decrease during the month of October, down 0.4 percent.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.75 percent and 15-year rates are near 3.25 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.