The median price of a home in San Diego County reached $840,250 in April of 2022 - a new record for the county and a 20% increase from April of 2021 when mortgage interest rates were still under 3%.
The $840,250 median price includes new and resale condos, townhouses and single-family homes.
With interest rates at almost 5% and median prices at $840,250, the average buyer with good credit who puts 20% down will be looking at a monthly mortgage payment over $4,000.
According to CoreLogic/DQNews, prices rose across Southern California in April and limited inventory continues to be the driving force behind elevated prices. While prices are higher than ever, the number of interested parties submitting offers on listed homes has declined.
When looking at just single family homes, the media price is close to $1 million.