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San Diego lagging in home construction

Posted by The Aramco Group on Tue, Jul 18, 2017 @ 14:07 PM

The ongoing houses crisis in San Diego is likely to continue as new information shows that new home construction in the region is just half of where it needs to be to meet demand. A new report released by the San Diego Regional Chamber of Commerce and the Greater San Diego Association of Realtors indicated that not only is construction lagging but the new homes coming on the market are unaffordable for most.

Just four of the County's 18 cities are building enough units to meet housing needs – Coronado, Lemon Grove, San Marcos and Vista.

The scathing report called on elected officials to take action.

"The crisis requires the undiluted attention and political leadership," the report reads. "In blunt terms, rising housing costs caused by limited supply, are genuinely of concern to our region's employers that they are now reaching decision points as to how and whether they can exist in San Diego County."

Today, conforming no-point 30-year fixed mortgage rates are averaging 4 percent while 15-year rates are near 3.25 percent.

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