HOUSING COSTS HIT RECORD

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By Miriam Raftery

April 18, 2018 (San Diego) -- The dream of home ownership is slipping away from many San Diego County residents.

The median price of a home has shot up 9.5 percent in the past year, hitting a record $625,400 in March, according to the California Association of Realtors.

The main reason for rising prices is lack of inventory, according to the realtors’ senior vice president and chief economist Leslie Appleton Young.

A typical home in San Diego County is selling just 13 days after going on the market, compared to a statewide average of 23 days.

But even many new homes being built are priced out of range for most first-time homebuyers, in a region that already ranks among the least affordable housing markets in the nation.

 

Comments

RENTERS SUFFER

And the cost of rental housing has escalated as well. Every year (sometimes twice) the rent increases as well. Landlords claim it's to cover their usual basic costs. I doubt that very much. If one does the math, it appears that apartment complex investors have morphed into a high profit making business. That is their right in our capitalistic society, yet so many renters are truly in financial trouble. This is an obvious reason many are pushing for rent control. Where will it all end? The struggling poor are in serious financial trouble.