SAN DIEGO – The S&P Case-Shiller Home Price Index recently reported that home prices in San Diego have risen for nine straight months.
Joe Bertocchini of the University of San Diego’s Burnham-Moores Center for Real Estate said when it comes to homes, San Diego’s market is lacking supply.
Bertocchini said for what product there is the product doesn’t last. When a foreclosed home is released by the bank, investors are hungry to land them.
“The investor pool is really chasing deals in San Diego right now,” said Bertocchini. “It’s creating a really difficult situation for homebuyers who are trying to get into the market.”
It took Zachary Love more than a year to buy a home in San Diego.
“I probably put 20 offers in over that time,” said Love. “Every offer seemed to come in over list price – multiple offers. They’re getting boosted up really fast.”
The good news is it means San Diego’s real estate market is recovering.
“Boom is a dangerous word to use,” said Bertocchini. “I think as far as we can tell it’s going to continue to grow you’re going to see strength in the market.”