Where will San Diego home prices go in 2014?

Where will San Diego home prices go in 2014?

What do you think the San Diego County median home price, now standing at $415,000 (via DataQuick), will be at the end of 2014? And why?

Murtaza Baxamusa, directs planning and development for the Family Housing Corporation, of the San Diego Building Trades in Mission Valley:

As the economy improves in 2014, demand from population and job growth in San Diego will continue to exert upward pressure resulting in about a 13 percent year-over increase in median home prices to $470,000. Expect a leveling off from the exuberant growth seen last year, as interest rates gradually rise, foreign investors seek other markets, and mortgage insurance criteria tightens. Although there will increased supply as the real estate, construction and development industries escalate recovery, sales price increases will make housing less affordable for San Diego families, whose incomes are expected to rise 3 percent, barely keeping pace with inflation.

Michael Lea, real estate professor at the Corky McMillin Center for Real Estate at San Diego State University:

The extraordinary house price increase of nearly 16 percent in 2013 will not be repeated in 2014. Several factors will reduce the rate of…

Read the entire article

 

Leave a Reply

Your email address will not be published. Required fields are marked *