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.
Homes For Sale in San Diego Under $500K
San Diego Homes For Sale Under $1M