Home prices & sales are rising across the Southern California housing market and San Diego is no exception. The fallout from the pandemic led to a slump in sales in the spring and early summer buying season. But that has now led to a pent-up demand causing unusual sales growth in the winter season. The Southern California median sales price hit an all-time high in September, then declined slightly in October and November.
According to a recent report released by C.A.R., the median price stayed at $657,820 in November, which is a gain of 14.4% over last year and 0% over October. Home sales were up 19.1% over last year but down 13.9% from the previous month. It looks consistent as a seasonal trend when prices and sales tend to dip from October to December. The San Diego housing market is still a hot seller’s market with a positive forecast for 2021. Home price gains have started to slow down, but it is unknown if it will be a long-term trend.