By Denise Matthis
Appreciation Data Trends and Forecasts
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s per the California Association Realtors resale housing report in June 2021, San Diego’s current median price is at 865,000, a 27.6 percent gain over last year’s price marking a 29.2 percent sales increase. This has made San Diego the second most expensive real estate market in California after Orange county. Also from the CAR report, the existing single-family home sales increased by 16 percent MTM, a 29.2 percent increase over last year while the condominium market hiked in the median price to $550000 with a gain of 1.4 percent as compared to last year. Over the past ten years, San Diego has shown an appreciation rate of 82.7percent which is a 6.22 percent annual rate, and a home value increase of 22.5percent as recorded by NeighborhoodScout. com, a real estate data provider placing San Diego in the top 10 percent countrywide for real estate appreciation. The city has depicted an annual appreciation rate of 7.95 percent for the last one WWW.THEPOWERISNOW.COM
and a half years. This is due to the limited supply of homes which has forced buyers to compete leading to higher prices that benefit the sellers. As per Zillow.com, a real estate database company, home prices skyrocketed in late 2012 and there has been a steady growth in home prices since then to mid-2017. From late 2017 to 2018, home prices sharply declined due to high mortgage rates and less buyer’s demand for houses. In mid-2019, the prices rose again and this has been the case to now. Low inventory and low mortgage rates have led to high buyer’s demand resulting in higher prices. The median sale price of single-family homes in March was $675000, indicating an 8.2 % increase year-over-year. In April median prices rose by 10,000 and the appreciation rate by 1.5 percent to 7.2 percent higher than last year. The appreciation rate in l
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