San Diego housing market sees price increases

A recent DataQuick report revealed that home prices in San Diego County have risen to the highest level the area has seen in four years, according to the San Diego Union-Tribune. If looking at homes for sale in San Diego, it could be wise to expedite the search process as home prices continue to rise as inventory declines.

The news source detailed that the median price for all homes sold in July was $342,000, which is the highest it has been since August 2008, when the median price was slightly higher at $350,000. However, the Union-Tribune explained that San Diego County home prices are far way still from the peaks of the pre-recession days. These prices peaked at a median price of $517,500 in November 2005.

Analysts at DataQuick said in the report that the upticks observed in median prices for real estate in San Diego can be partially attributed to "historically low" mortgage rates and a "thinner inventory" of homes for sale. Mortgage rates were reported at 3.59 percent for 30-year fixed rates and 2.84 percent for 15-year fixed rates during the first full week of August.

Another recent article from local news source KPBS reported that DataQuick's Andrew LaPage said, "In addition you have fewer foreclosed properties selling today than you did a year ago and those foreclosed properties tend to sell at a bigger discount."