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The largest 12 month home price increase since 2005 occurred recently in San Diego, announced Scott Cheng, of Cheng Realty. Prices for homes increased 20.4 % in many areas of San Diego, from September 2012 to September 2013. This makes San Diego ranked seventh in the nation. Continue reading
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Oct 24, 2013 /prREACH/ -- The largest 12 month home price increase since 2005 occurred recently in San Diego, announced Scott Cheng, of Cheng Realty. Prices for homes increased 20.4 % in many areas of San Diego, from September 2012 to September 2013. This makes San Diego ranked seventh in the nation.
This upward trend is also being seen in other cities of California including Sacramento, San Francisco, Los Angeles, which rank first, second, and fourth respectively. Las Vegas, Orlando and Phoenix were ranked third, fifth and sixth in that order.
“New listings in San Diego have also increased. This is great news for both people who are looking to sell and people who are looking to buy”, states Cheng. “Some home sellers are seeing their house prices recover and are looking to sell at a price that is not upside down. On the other side, home buyers are finding a larger selection of homes from which to choose.”
The housing market continues to recover over the past year with help from low mortgage rates, low prices, and steady job growth.
San Diego median sales price of a home in San Diego for July 2013 to October 2013 was $430,000. One year prior, the median was $365,000, which represents the increase of over 17%.
San Diego remains a popular place to live due to its mild year round climate, extensive beaches, military presence, and it’s emergence as a healthcare, technology, and biotechnology center. San Diego is the eight largest city in the United States and second largest city in California. It continues to be one of the fastest growing cities in the nation.
Besides some of the coastal cities of Carlsbad, Encinitas, and Pacific Beach, some of the inland neighborhoods that are popular are Rancho Bernardo, Mira Mesa, and Poway. Scott Cheng has an office in San Diego to handle these neighborhoods and more as well as offices in Riverside and Temecula. Cheng holds a BS degree from UCSD and is a licensed California Real Estate Broker. He specializes in short sales and REO foreclosures. He speaks English and Chinese and can be contacted at (619) 333-2587 or Chengrealtysandiego.com