According to recent data, San Diego ranks 7th in the United States for home price increases, indicating that demand for homes for sale in San Diego is higher than other metro areas.
In an article from U-T San Diego, data compiled from ZipRealty shows that median numbers for mid-August placed San Diego County as the area with the 7th highest home price increases in the country.
According to ZipRealty, prices throughout San Diego County increased 25% year-over-year. The median price of homes for sale in San Diego sat around $345,000 in August 2012 and was up to almost $430,000 in August of this year. Although the numbers have decreased from July, when San Diego ranked 3rd in the nation for increases, these numbers are still staggering and prove how strong the market is in the area.
In addition to these increases, other measurements provided in the study indicate that the real estate market in San Diego County continues to maintain its position as one of the top areas in the country.
- The number of distressed sales in the area has decreased by 14%.
- Number of days on market were down to 17 compared to 39 the previous year.
- Overall inventory in the area decreased by 8% compared to August 2012.
The number of new listings in San Diego are starting to increase and match the trend throughout the rest of the country and many prospective buyers are purchasing homes despite increasing mortgage rates, according to recent research.
Most importantly, the demand for homes for sale in San Diego remains higher than that of other metropolitan areas throughout the US.