San Diego Housing Market
The beautiful, sunny San Diego county is one of the most sought-after markets to find a home. With its moderate climate year-round, idyllic location to the beach and mountains its no wonder so many families are looking to move here. Although it is ranked as one of the most expensive markets to purchase a home, the San Diego housing market is making a push forward and seeing some positive signs for 2015.
Looking at the San Diego Housing Market
San Diego has seen an upswing of economic growth in the past few years. The city is making some progress coming out of the Great Recession, which is great for those looking to buy a home in the area. As more jobs are becoming available and people are beginning to see those higher wages, many homes are being purchased before they are even built. While the market is hot, buyers are jumping on the chance to own their first home or downsize.
Home values have seen a 4 percent increase, which is a good thing for the San Diego housing market. The median home price is San Diego is about $518,800 with a mortgage rate of 4.8 percent. Mortgage rates remain low in the San Diego housing market, but credit still remains tight. The median household income is going to be the driving force for the housing industry.
Local employment growth is the main driver in the San Diego housing market. As of now the job growth is looking healthy moving in 2015. This past year, San Diego County added 30,000 jobs and now boasts an unemployment rate of 5.8 percent. Stability is key.
Right now is the best time to purchase a home for those first-time buyers as interest rates are going to creep up more slightly this year again. This is still a good thing as it will bring balance to the San Diego housing market and keep the home price appreciation down.
Don’t hesitate to get a new home or move-up to the home of your dreams. The San Diego housing market is in a great place starting out 2015. Investing in a home in San Diego County at this time is definitely a beneficial thing for any family.
