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Study: San Diego's Median Home Price Could Near $1 Million Next Year

A "for sale" sign is pictured in front of a house in Chula Vista in this file photo from July 21, 2020.
Alexander Nguyen
A "for sale" sign is pictured in front of a house in Chula Vista in this file photo from July 21, 2020.
Though not all experts agree with the prediction, most expect local home prices to continue their gains

Home improvement site Porch predicts San Diego’s median home price will reach close to $1 million by this time next year, according to its research.

San Diego Union-Tribune business reporter Phillip Molnar joined Midday Edition on Wednesday to talk about the study and what it means for would-be homebuyers and renters alike.

With single-family homes leading the way, the study forecasts a yearly increase of 25% in San Diego's home prices. At a median price of around $850,000, Molnar said "single-family homes are the hottest thing in San Diego County."

Though emphasizing how difficult it is to predict where housing prices will go, he does not see any signs of the housing prices changing direction just now.

"We haven't seen anything that would really change in the market that would stop this upward climb," Molnar said.