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San Diego had the fourth highest price gains in the nation in November, said a key real estate index released Tuesday.
The region’s home prices rose 7.4 percent in a year, said the S&P CoreLogic Case-Shiller Indices. Only Seattle, Las Vegas and San Francisco had bigger increases in the 20-city index.
San Diego had been in the top three cities for increases since August, representing a substantial rise in prices in 2017.
Price increases are rising throughout the nation, overall rising three times faster than the rate of inflation, as experts point to a lack of supply as the main factor.
“Since we have such historically low inventory, that has really caused prices to go up,” said Cheryl Young, senior economist at Trulia. “(At the same time) wages are growing, job growth is pretty strong and mortgage interest rates are very low.”
The Southern California median home price in December finally surpassed bubble-era highs, a milestone that took more than a decade to achieve and is once again raising concerns that housing is too costly.
The six-county region's median price surged 8.2% from a year earlier to $507,500, real estate data firm CoreLogic said Wednesday. That tops the bubble-era high of $505,000 in 2007, which was matched in September and November.
Adjusted for inflation, the region's median is still nearly 13% below the 2007 peak, and there are other caveats as well. But the new nominal record is noteworthy as a historical marker and because more borrowers who were underwater probably are no longer.
"It goes to show you just how outrageous the last bubble was — for us to take 10 years to get back to that nominal level," said Christopher Thornberg, founding partner of Beacon Economics.
In none of the six counties, though, did the median — the point at which half the homes sold for more and half for less — reach a new nominal high. The record for Los Angeles County was reached last summer when it hit $575,000 and has dipped $5,000 since then.
The San Diego County housing market is positioned to finish 2017 with near-record prices. The county median home price has increased 9.1 percent in a year. November’s median price of $540,000 was the second-highest of the year. Real estate agents say buyers are paying more as inventory stays low.