Economy

San Diego home prices drop as mortgage rates reach 20-year high

By Jade Hindmon / KPBS Midday Edition Co-Host, Andrew Bracken / Producer, KPBS Midday Edition

Published October 28, 2022 at 3:46 PM PDT

This story was published more than 1 year ago.

An undated photo of a for sale sign outside a home in San Diego.

On Thursday, mortgage rates reached the highest they’ve been in 20 years.

The average rate for a 30-year fixed-rate mortgage topped 7%, according to federal mortgage buyer Freddie Mac's latest survey released Thursday.

The higher rates coincide with a drop in home prices in San Diego, which are among the highest in the nation, according to the S&P Case-Shiller Indices.

Become a KPBS sponsor

"Prices in San Diego are down now for the fourth month in a row. So the median home price — that includes every type of house you can imagine — that's $795,000. So that's down from our all-time high of $850,000 in May," said Phillip Molnar, senior business reporter with The San Diego Union-Tribune. "So it's sort of a substantial drop, a 6% drop in a year."

Molnar joined KPBS Midday Edition Friday to talk more about the impact higher mortgage rates are having on San Diego's housing market.

Economy

Jade Hindmon

twitter

Jade Hindmon is KPBS Midday Edition co-host. Prior to making San Diego home, Jade worked in markets across the Southeast and Midwest, building a network of sources to tell the stories of people in each community. She worked as a multimedia journalist and anchor at WRTV in Indianapolis. While there, she launched “The Weekend Edition of Good Morning Indiana” and generated breaking news content for both broadcast and digital platforms. Prior to Indianapolis, she was an anchor and multimedia journalist at FOX Carolina in Greenville, SC. As part of that Emmy Award winning team, she covered elections, landed exclusive interviews, and interviewed presidential candidates. Jade also had the opportunity to cover international news and was able to travel to South Africa during the 2010 World Cup. Jade is a three-time Emmy nominee, a National Association of Black Journalists Salute to Excellence Finalist, and the recipient of a South Carolina Associated Press Award. She is a proud graduate of Florida Agricultural and Mechanical University.

See stories by Jade Hindmon

What do you want to hear host Jade Hindmon talk about on Midday?

Andrew Bracken

Andrew Bracken is a producer for KPBS Midday Edition. He is also the producer and host for the KPBS podcast series "My First Day" and "San Diego Conversations," a collaboration with KPBS and the National Conflict Resolution Center.

See stories by Andrew Bracken

What do you want to hear host Jade Hindmon talk about on Midday?