(CoreLogic.com via San Diego Union-Tribune)
The San Diego Union-Tribune reports that, according to CoreLogic, the median home price for San Diego rose again in August after a short halt over the end of Spring and beginning of Summer. It seems as if we have broken through the invisible barrier of the market crash because August had the highest median home price in a decade at $498,000. We are just 3.8% below the all-time high peak of $517,500 in November of 2005; however, we are far above the all-time low of in January of 2009.
This August was the second biggest sales month of the year and experts suggest the biggest reasons for the appreciation and increase in sales could be due to the lack of inventory, the extremely low interest rates, and demand for housing in general. Norm Miller from the University of San Diego told the Union-Tribune that the only thing that could really halt the appreciation of the median home price would be if there was a substantial interest rate increase.
Check out the full article here for more in-depth information: