The price of a San Diego home crosses $1 million for the first time

[Zorro]

San Diego home prices have hit a new, possibly inevitable, landmark.

The median price of a resale single-family home reached $1,001,500 in May, CoreLogic revealed this week, up from a revised $985,000 the previous month. It is a record high for San Diego County, joining only one other Southern California market, Orange County, in having prices top the $1 million mark.

San Diego County’s overall median, which includes newly built homes, resale homes and condos, also reached a new high in May of $898,000, up 10.9 percent in a year. Experts say the single-family milestone was unavoidable with limited homes for sale and strong competition for whatever is out there.

“It was inevitable,” said Mark Goldman, a San Diego loan officer and real estate analyst, about the $1 million mark, “and it will surpass that.”

https://www.sandiegouniontribune.com/2024/07/03/the-price-of-a-san-diego-home-crosses-1-million-for-the-first-time/

[AllaN01Bear]

1. and you wonder why we have homelessness.

[jimfields33]

2. Can you imagine buying your home in the 1970's and having a house now worth a million?

I’d definitely sell and move to where I could buy a nice 350 thousand dollar home somewhere and enjoy life.

[70sEraVet]

3. I worry about young, first-time home buyers, who dont have a home to sell.

If they don't have a million dollar income, how are they going to buy a million dollar home?

[usonian]

4. Live in California's beautiful Central Valley

Checks forecast ...

115 F predicted for Sunday.

--
Another 70's era vet.
Living in the foothills.
A mere 105 Sunday.

[70sEraVet]

5. I live in middle TN, on the KY border

We hit 100 degrees last week, with ridiculous humidity.
Did an Honor Guard ceremony mid-afternoon for a much-too-young vet. I didn't complain about the heat.
I hope your heat-wave passes quickly, usonian. I know it is killing people. Especially hard on homeless vets.

[jimfields33]

6. Well California may not be the best place for them.

To be honest, there are a lot of good places where you can buy a nice home for reasonable prices.

[usonian]

7. It's the jobs, the very low summer humidity and mild winters.

With some exceptions.

The talent pool is fabulous, and attempts to create another Hollywood or Silicon Valley don't stick.

[Tikki]

9. After being acclimatized to living in near perfect weather for, what, 50 years where are you going to live...

where there is a house for $350,000?

One of the larger problems along the So Cal Coast’s larger communities is two or more families living under one roof with four or more vehicles parking on already crowded streets.

There is public transportation in the San Diego area.
So Cal is Car Culture, though, something ingrained.

Tikki

[jimfields33]

10. I definitely met moving out of California.

[Auggie]

8. Too many rich people. Too many greedy investors.

Private equity investment, foreign investment, REITs

Add in diminishing resources, inflated construction and materials costs

And there's just not enough buildable land. Low supply raises prices.

We want housing, but we also want views, protected lands, wildlife corridors, open spaces.

[BigmanPigman]

11. My neighbors get tons of offers to sell for cash

Apparently this is a common practice now. Companies will give you cash for your home without even seeing it. Total scam by the rich.