Home prices are rising across the Southern California housing market despite the pandemic. San Diego area is also a strong seller’s real estate market. For sellers, now is the opportune time to put their San Diego home up for sale. Inventory is low, prices are rising, and pent-up demand alongside low mortgage rates has the market flooded with homebuyers. The pricing of homes is trending higher and is more attractive for sellers in the current phase. The shortage of supply and an increase in the demand for housing will push the prices higher in the San Diego housing market.
In August 2020, sales of single-family homes increased by 10.2% y-o-y, affirming that there is a strong demand among homebuyers in the area. Pending sales have also increased over the last 3 months in San Diego County. Home prices across the San Diego metro area are rising steadily in 2020. Due to the pandemic, it was expected that the home prices would remain flat or drop a bit in the coming months to favor buyers. That was a much-awaited condition for homebuyers who cannot afford a home in the median price. But that's not the case.
The median sold price of single-family homes increased by a whopping 12.7% year-over-year to $650,000. Earlier in July, the median price had increased by 10.6%. The San Diego home prices have increased by 6% from June to July of 2020. According to the latest San Diego real estate market update for August 2020, inventory of single-family homes has dropped 51.2%. That is one reason we see a drop of 2.2% in sales as compared to the previous month (July). There is a severe shortage of available properties for sale in the San Diego real estate market.