New home construction in San Diego
The National Association of Home Builders/Wells Fargo builder sentiment index was released August 15 and revealed U.S. homebuilders' confidence to be at a 5-year high, reported the San Diego Union-Tribune. Another article out earlier in the month reported that the market for new homes for sale in San Diego was in good condition and set to see hikes in new home construction moving forward.
The Union-Tribune reported, "With local inventories low, new housing demands will add an urgency to San Diego builders' production, which is good for jobs. But, the demand also means that prices could rise, too."
The source additionally disclosed that Southern California has already reported a modest rise in home prices and that Bloomberg News revealed Freddie Mac's largest quarterly home price increase in eight years.
The Union-Tribune's reporter, Colin McBride, wrote, "With the favorable home buying market starting to heat up, lots of people that had been waiting to move into a new home are now actively in the market, and the proof is in the news."
Evidence of new construction is already clear, and local news source KPBS described a newly proposed housing development called Riverbend that is set for land along the San Diego River and Mission Gorge Road that was previously used for industrial purposes. If approved by the San Diego City Council next month, the development could add 996 housing units to the city.