San Diego Home Prices Reach New High

Last month the median price of all homes sold in San Diego County reached a new high of $520,000 surpassing the previous top median of $515,000 from October 2016.  It just so happens that the top median at the peak in 2006 was also $515,000.  We are now $5,000 over that figure.  Prices are up 8% over March 2016 when the median was $480,000. 

Low inventory of homes for sale in the county is contributing to the upswing in prices.  Total homes for sale currently is around 4,600 compared to 6,700 back in September. 

For the first 15 days of April 2017, the median price of homes sold has risen even higher to $530,000.  It will be interesting to see how the rest of April plays out.

Mortgage rates for a 30-year fixed loan for a borrower with good credit are still low -- currently around 3.86%. 

If you're looking to make a move, now may be a good time.  Sellers may wish to take advantage of higher prices and the greater purchasing power that buyers have due to low interest rates.  Buyers may wish to lock in lower interest rates before they go up again.

Let me know if I can provide a list of recent comps in your neighborhood, or a list of homes for sale in the areas where you may be interested in buying.