Study finds San Diego median home price could soon hit nearly $1 million

Business

SAN DIEGO — A new study predicts San Diego housing costs will continue their meteoric rise, with an increase of nearly 25% to the median home price.

That would set the number at nearly $1 million, according to the study by home improvement and research site Porch, which was recently analyzed by the San Diego Union-Tribune‘s senior business reporter Philip Molnar.

The study predicts that the San Diego metropolitan area will see the third-highest price increases in the nation based on data showing how much homes are currently selling for over asking price and wage growth. San Diego’s increase was expected to trail only Austin and Phoenix.

As Molnar reports, San Diego County had seen prices rise 15.2% over the past year as of July, and analysts believe a combination of low mortgage rates, scarcity, success for stay-at-home workers and millennials aging into homeownership are all contributing to the surge.

If Porch’s prediction is accurate, the median home price in San Diego County will be $940,933 at this time next year.

Watch FOX 5’s interview with Molnar in the video player above, and read more of his work at the U-T.

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