Real estate analytics firm CoreLogic reports that the median-priced home in San Diego hit $550,000, a record high, in March. Experts cite a strong local economy and low for-sale inventory as spurring on price growth.
The number of absentee buyers, individuals not planning to use the home as a primary residence, on San Diego's housing market is increasing as well. In March, 22.3 percent of all homes sold were to absentee buyers, up 1.4 percent YOY. The Los Angeles Times reports that economists do not see this boom as a bubble waiting to burst, rather, experts say that this upturn is more sustainable, driven by low inventory, low rates, and a growing economy.
San Diego County's median home price is technically still down from the height of the housing boom. In November 2005, the median hit $517,500, which is more than $650,000 when adjusted for inflation. The San Diego region is still a cheaper option in coastal Southern California compared to Los Angeles and Orange counties, which also hit new price peaks in March, CoreLogic reported Monday.
