San Diego home values rising faster than national average

San Diego home values rising faster than national average

San Diego home values rising faster than national average
Across the U.S., the typical single-family home appreciated 9.1 percent over the last year. In San Diego, it was 13.2 percent. This rapid surge in the San Diego-Carlsbad metropolitan area places the median home value in the region at a whopping $741,195. This latest data comes from Zillow.

Demand for homes in San Diego is what is driving the increases.

Santee saw the largest one year increase in home values from Janaury 2020 to January 2021 with a growth rate of 17.4 percent. This was followed by La Mesa (16.8 percent) and Morgan Hill (16.1 percent) where homes are worth an average of $1.07 million.

Today, 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.