Friday, March 8, 2013
SAN DIEGO San Diego County home prices continue to rise, pumping up interest in the housing market.
Low interest rates, investors and a growing optimism about the economy are fueling the double digit jump in home values. There's a growing interest in buying homes in San Diego, but the number of homes on the market has been shrinking over the past year.
"If you look at December 2011, we have about 11,000 actual listings. Look at December 2012, you have about 4,000," said Linda Lee, president of the San Diego Association of Realtors.
Lee expects home values to continue to rise through the year. She said it is unlikely that the pace of price gains will stay in the double digit range, however she says it should be a strong 7 or 8 percent.
Prices have come up enough that many people who owed more on their home than what it was worth can now try to sell, according to Lee.