San Diego stands alone as only county building more homes

San Diego stands alone as only county building more homes

San Diego stands alone as only county building more homes
While the rest of Southern California slowed down its construction of new homes during the coronavirus pandemic, San Diego County has managed to beat its 2019 construction figures. While the increase is a mere 64 more homes than last summer, the uptick shows resilience as the pandemic wages on.

There were nearly 4,000 new housing units constructed in the first half of 2020 in San Diego according to the Real Estate Research Council of Southern California. This represents a year-over-year increase of 1.6 percent – compared to an average decline of 12.5 percent for the seven other counties in Southern California.

While the positive construction news is a small consolation to a region in desperate need of more housing, it is likely to even a small dent in the tens-of-thousands of new units needed to meet demand.

Today, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.5 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.