SAN DIEGO (Border Report) — The median price for a home in the city of San Diego is now $640,000 according to the California Association of Realtors. Real estate experts say low interest rates are fueling the escalation of property values.
Right now, most fixed 30-year loans carry an interest rate around 3 percent.
Just in the last year, home prices in San Diego have gone up by almost 13 percent. In San Diego County, the median price is $732,560.
The rise in home prices is not isolated to San Diego. All six Southern California counties saw increases, up 12.4 percent from August 2019.
The biggest hike was seen in Riverside County, with an increase 15.8 percent to a median of $486,500.
According to the California Association of Realtors, Los Angeles County was up 7.9 percent; Orange County, 14.8 percent; San Bernardino County, 11.1; San Diego County, 12.7; And Ventura County up 12 percent.