SAN DIEGO COUNTY, Calif. — San Diegoprices are surging to new highs, hitting an all-time record even as mortgage rates remain high.
“Home prices continue to go up while sales activity continues to be relatively slow,” said Selma Hepp, chief economist for CoreLogic. “The issue continues to be that we don’t have enough inventory and the pent-up demand from buyers is really strong, so we have more buyers in the market than we have sellers,” said Hepp, pointing out the challenging landscape for homebuyers, especially first-timers.
Despite surging prices, there were only 2,306 home sales in March across the County. That’s the second slowest March on record since 1988, only behind March of 2008.
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