‘SoCal’ home prices continue to skyrocket; median price in San Diego hits $640,000

U.S. & World

This home sold in Chula Vista, CA in August for $668,000 after being on the market for only six days. (Courtesy: Real Estate Agent Chuck Anctil)

SAN DIEGO (Border Report) — The median price for a home in the city of San Diego is now $640,000 according to the California Association of Realtors. Real estate experts say low interest rates are fueling the escalation of property values.

Right now, most fixed 30-year loans carry an interest rate around 3 percent.

Just in the last year, home prices in San Diego have gone up by almost 13 percent. In San Diego County, the median price is $732,560.

The rise in home prices is not isolated to San Diego. All six Southern California counties saw increases, up 12.4 percent from August 2019.

The biggest hike was seen in Riverside County, with an increase 15.8 percent to a median of $486,500.

According to the California Association of Realtors, Los Angeles County was up 7.9 percent; Orange County, 14.8 percent; San Bernardino County, 11.1; San Diego County, 12.7; And Ventura County up 12 percent.

Visit the BorderReport.com homepage for the latest exclusive stories and breaking news about issues along the United States-Mexico border.

Copyright 2020 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

More Check This Out
Loving Living Local 600x600

Don't Miss