Are We Heading For A Recession?
According to Economist Alan Nevin, Director of Appraisal and Market Research at Vertex, “As U.S. economy rolls on, flaws are NOT pointing to a recession.” Comparing 2022 to 2021, San Diego has a lower unemployment rate, more job openings, and residential building permits.
Interest rates have increased dramatically while existing home sales are down, but let’s remember that folks have been buying and selling property and interest rates haven’t always been this low. While rates are higher, we still have low inventory of homes with more buyers than homes currently for sale.
Single family detached homes in San Diego saw a value increase of 18% from 2021 vs 2033. Condos were up 23%. What does this mean? People are still purchasing property even with higher interest rates. What this also means is those first-time homebuyers are going to feel the squeeze. What they qualified for last year with a lower interest rate no longer exists. These buyers may have to go with a condo vs. single family or live in an area that may not be their first choice.
Ashley Peterson, Realtor
Pacific Sotheby’s International Realty
Homes For Sale in San Diego Under $500K
3975 Nobel 299 San Diego, California
1 Beds 1 Baths 554 SqFt
712 S 47Th St San Diego, California
3 Beds 2 Baths 786 SqFt 0.080 Acres
6110 Calle Mariselda 202 San Diego, California
1 Beds 1 Baths 815 SqFt 0.530 Acres
4650 Dulin 14 Fallbrook, California
2 Beds 2 Baths 1,536 SqFt 0.026 Acres
San Diego Homes For Sale Under $1M
1925 Green Canyon Road Fallbrook, California
4 Beds 3 Baths 2,919 SqFt 1.100 Acres
13255 Evanston Dr Poway, California
4 Beds 3 Baths 1,420 SqFt 0.150 Acres
1338 ortega st Chula Vista, California
5 Beds 4 Baths 2,833 SqFt 0.065 Acres
3102 Via Luiseno Alpine, California
5 Beds 3 Baths 3,146 SqFt
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