California
Related: About this forumThe price of a San Diego home crosses $1 million for the first time
San Diego home prices have hit a new, possibly inevitable, landmark.
The median price of a resale single-family home reached $1,001,500 in May, CoreLogic revealed this week, up from a revised $985,000 the previous month. It is a record high for San Diego County, joining only one other Southern California market, Orange County, in having prices top the $1 million mark.
San Diego Countys overall median, which includes newly built homes, resale homes and condos, also reached a new high in May of $898,000, up 10.9 percent in a year. Experts say the single-family milestone was unavoidable with limited homes for sale and strong competition for whatever is out there.
It was inevitable, said Mark Goldman, a San Diego loan officer and real estate analyst, about the $1 million mark, and it will surpass that.
https://www.sandiegouniontribune.com/2024/07/03/the-price-of-a-san-diego-home-crosses-1-million-for-the-first-time/
AllaN01Bear
(23,137 posts)jimfields33
(19,137 posts)Id definitely sell and move to where I could buy a nice 350 thousand dollar home somewhere and enjoy life.
70sEraVet
(4,171 posts)If they don't have a million dollar income, how are they going to buy a million dollar home?
usonian
(14,079 posts)Checks forecast ...
115 F predicted for Sunday.
--
Another 70's era vet.
Living in the foothills.
A mere 105 Sunday.
70sEraVet
(4,171 posts)We hit 100 degrees last week, with ridiculous humidity.
Did an Honor Guard ceremony mid-afternoon for a much-too-young vet. I didn't complain about the heat.
I hope your heat-wave passes quickly, usonian. I know it is killing people. Especially hard on homeless vets.
jimfields33
(19,137 posts)To be honest, there are a lot of good places where you can buy a nice home for reasonable prices.
usonian
(14,079 posts)With some exceptions.
The talent pool is fabulous, and attempts to create another Hollywood or Silicon Valley don't stick.
Tikki
(14,796 posts)where there is a house for $350,000?
One of the larger problems along the So Cal Coasts larger communities is two or more families living under one roof with four or more vehicles parking on already crowded streets.
There is public transportation in the San Diego area.
So Cal is Car Culture, though, something ingrained.
Tikki
jimfields33
(19,137 posts)Auggie
(31,817 posts)Private equity investment, foreign investment, REITs
Add in diminishing resources, inflated construction and materials costs
And there's just not enough buildable land. Low supply raises prices.
We want housing, but we also want views, protected lands, wildlife corridors, open spaces.
BigmanPigman
(52,312 posts)Apparently this is a common practice now. Companies will give you cash for your home without even seeing it. Total scam by the rich.