San Diego home prices rise faster than most of the U.S.

San Diego home prices rise faster than most of the U.S.

San Diego home prices rise faster than most of the U.S.
It is known to be a high-priced housing market but new data shows that it is only getting pricier. According to the S&P CoreLogic Case-Shiller home price index, real estate prices in the San Diego metropolitan area are up nearly 17 percent on a year-over-year basis as of February. This is not only the fastest increase in home prices in San Diego in over 15 years, it is the second fastest climb in home prices of anywhere in the U.S. with the exception of Phoenix.

The demand for new housing in San Diego far outweighs the supply of properties for sale in the region. Steep competition has led to bidding wars that is driving prices higher than ever.

On average, a home listed for sale today in San Diego will be sold by the weekend.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.0 percent and 15-year rates are near 2.375 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.