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San Diegans living large

Posted by The Aramco Group on Sun, Sep 18, 2016 @ 14:09 PM

San Diego is one of the most desirable places to live as evidenced in the ever increasing demand for homes in the County. This imbalance of supply and demand often places the region among the most expensive places to buy a home. But a new study from PropertyShark.com shows that there may be another reason for the high prices: size.

The most recent data reveals that homes built within the last several years in the County are averaging 2,417 square feet – more than double the average newly constructed homes in Miami, San Francisco and Boston. San Diego was among the top ten largest new homes nationwide, bested by rapidly growing cities like Las Vegas.

According to a statement from PropertyShark.com, "The average size of homes, by which we mean houses, condos and co-ops, has gone up significantly across America, with Las Vegas and San Diego leading the pack in terms of growth."

Mortgage rates near all-time lows make these larger homes slightly more affordable. Conforming no-point 30-year fixed rates averaging 3.375 percent while the 15-year rate is near 2.75 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.