The good news with this price increase is that this rise is considerably slower than it has been in the recent past. More homes sold in July 2020 than they did in June 2020. Residential real estate has come out on top evident in July's record breaking 3,406 closings. 2020 San Diego California Housing Market Forecast – What will the housing market look like in 2020? Existing Home Sales Up 21% in June Amid... No US Housing Bubble Crash in Sight, Expert... How to Calculate the Rate of Return on a Rental Property. California Association of Realtors in its June housing sales report said Realtors were feeling optimistic but a lack of supply is impeding the California real estate market recovery.. For instance, San Diego’s unemployment rate is 2.8%. Those considering buying a home will need to know some things in order to … With mortgage lending in the 3% range, first time home buyers and move-up buyers will find difficulty househunting. In the greater Los Angeles region, single detached homes rose $22,000 to a new price of $553,000.. San Francisco Bay Area, home prices jumped $35,000 or 3.6% over last month to a new average price of $1 million. It could grow at a 2.55% pace in the next six months faster than the national 1.59 report from Mercury News. While this is a pricey median, San Diego house prices have essentially stagnated in 2019. From Mashvisor’s market data alone, there is plenty to discuss when it comes to the San Diego housing market. Hamza is a long-time writer at Mashvisor. Local realtor says there is a lot of uncertainty in San Diego's housing market. Market Data Be trendy -- stay current with our latest market forecasts and data analyses. Minneapolis Housing Market Forecast for 2021, How a K-Shaped Recovery Could Impact Real Estate, Is It a Buyer’s Market or Seller’s Market? Homes priced $1,250,001 to $2,000,000 increased 7.3 percent. And that’s something we’ve seen within the San Diego real estate market as well. However, house values are expected to rise by 1.5% in 2020 with prices to follow, according to Zillow. Inventory under $750,000 is even lower indicating a reluctance for sellers to open up their home to the public. Population growth tends to increase demand for housing, on both the rental and purchase side. Each major national economic index was stable, including interest rates, car sales, home resales, production of goods and retail sales. April 2020 - Overall economic activity nationally continued to slow throughout April while the stock market pared some of March’s losses. Only 3,000 new single family homes were permitted and less than 2,000 townhomes or condos. August 2020 - Historically in challenging times some industries struggle while others do well. and then Friday March 13th California was issued a stay at home notice! The 2020 San Diego housing market began with overall home prices up 5.1% from January 2019 reported by S&P CoreLogic Case-Shiller Indices. Click Here To See Our Home Selling Strategy, How to Sell Your House (21 Steps To Sell It Right), LuxurySoCalRealty - Compass San Diego Real Estate. San Diego continues to outpace the state’s jobs recovery, which is clearly good news for San Diego’s housing industry. Find out the answer by reading this blog post! Breaking the top ten in the biggest US economies according to Business Insider, there are many economic indicators that exhibit the city’s growth. This is especially true in the California real estate market, the most expensive state market there is, with a median property price of $693,959, according to Mashvisor. Meanwhile, traditional median sales prices rose 10.3 percent to $645,000. Many buyers are remaining on the sidelines watching to see what happens with going back to work, the stock market, and the virus. San Diego months supply of inventory 1.6 months for single family homes and 1.9 months for condos and townhouses. Median Home Value: $679,568 1-Year Appreciation Rate: +6.0% Median Home Value (1-Year Forecast):-0.8% Median Rent Price: $2,750 Price-To-Rent Ratio: 20.59 Unemployment Rate: 13.9% (latest estimate by the Bureau Of Labor Statistics). When they opened up the SBA and filled their allotment within the first weekend they had to go back to the Feds and shut down their correspondent lending side. As previously mentioned, the median price of a San Diego property is $791,442. If we look at July 2020, closed lender-mediated sales rose 0.4% to 243 with a median sales price of $617,000.