New home sales rise as San Diego hits biggest real estate wave in 5 years
By Joan Schultz,
San Diego homes sales are on the national radar with units moving quickly and an overall rise in real estate performance that have surpassed those five years strong. According to the New Housing Monitor published by the Hanley Group in Oceanside, the median price for a San Diego single family home has reached $450,000 – the highest number since 2008 – and new home sales have enjoyed a 17 percent growth over last year.
But the new boom isn’t blindly enjoyed.
We learned a lot during the last five years – from a popped real estate bubble to avoiding a false sense of security, we know that nothing is entirely for sure when it comes to real estate. After all, no other state learned its lesson as California did when it came to prudency in home equity and sales. But despite the lessons learned, there’s reason to celebrate as the San Diego real estate makes its comeback – especially when it comes to new home sales.
“Builders are frantically grading for the next phase of lots,” said Peter Dennehy, senior vice president at Meyers Research (https://bit.ly/10iTlPj), “but they probably won’t start production on the houses for a couple of months.”
While new home sales are still below the nationally-recommended pace of 700,000 unit sales, the number still shows promise for continued growth in San Diego real estate. Currently, the median price for new homes in San Diego is roughly $247,000, making new construction an attractive option for individuals entering the housing market for the first time.
San Diego home sales dovetail on national real estate growth. According to the Associated Press, “U.S. sales of new homes rebounded in March to the second fastest sales pace in three years, adding to evidence of a sustained housing recovery at the start of the spring buying season.”
As we continue to enjoy today’s hot San Diego market, we respect the past as we enter an ever-bright future.
“The sales in the last six months have been a little stronger than people projected,” Dennehy said. “Everyone thought there was a potential for another slowdown around the beginning of the year, but that didn’t really happen. The market’s been a little stronger than expected.”
Here’s to continued growth in San Diego!
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