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The median price of a single-family home in San Diego County continues to rise. Over the past year (February 2022 vs 2021), the median price has increased $123,000 or 16.1%.
- February 2022 - $888,000 vs February 2021 - $765,000
- January 2022 - $875,000
- December 2021 - $836,000
California Association of Realtors reported on Tuesday, that while home prices continue to rise, the number of sales is declining. Total single-family home sales in California were down 8.2% from February 2021 and Southern California's were down 9.9% from February of 2021.
On Wednesday, the Federal Reserve announced interest rate hikes for the first time in three years to help bring skyrocketing inflation under control. These hikes will definitely impact home loan rates, which were already creeping up from their record lows in 2021.
Home loan rates currently range from high three percent to high four, so someone with good credit, buying a home in San Diego at the median price of $888,000 with 20% down and a 30-year fixed rate loan could expect their monthly mortgage to be $3,491.
The San Francisco Bay are maintains the highest median home price in California with San Mateo County coming in at $2.1 million. On the other end of the spectrum is Lassen County, California where the median price is $239,000.