While home price growth is slowing down across the U.S., San Diego continues to defy the odds. The rate of home price appreciation in the region grew for the fifth consecutive month in June. This data is according to the latest S&P CoreLogic Case-Shiller National Home Price Index.
San Diego home prices grew 0.7 percent, faster than the national average of 0.6 percent. Local home prices have increased 1.3 percent over the past year.
A cooling of the housing market is being experienced nationwide as high price tags for available homes were beyond the average homebuyers budget. While this is true in San Diego as well, demand to purchase a home in America’s Finest City continues to drive prices higher.
Today, conforming no-point 30-year fixed mortgage rates are averaging 3.625 percent and 15-year rates are near 3.125 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.