Written by Andrew Morris<\/p>\n
As Gavin Newsom announces a lift on California\u2019s mask mandate on June 15th, the Coronavirus Pandemic appears to be coming to a close in San Diego. Yet as one crisis is ending, San Diego is at the cusp of another, according to some experts.<\/span><\/p>\n San Diego County\u2019s housing market is the highest it has ever been, accumulating to a median of $825,120 this April, an increase of $25,000 from last month. Almost $150,000 from April of last year at $671,000. This rise mirrors California as a whole whose median went above $800,000 for the first time.<\/span><\/p>\n \u201cNot only do skyrocketing home prices threaten already-low homeownership levels and make it harder for those who don\u2019t already have a home to purchase one, but it also brings to question the sustainability of this market cycle,\u201d states California Realtors Vice President Jordan Levine. \u201cAs vaccination rates increase and the state reopens fully, higher home prices will hopefully entice prospective sellers who have held off putting their homes on the market during the pandemic to feel more comfortable listing their homes for sale, which would alleviate pressure on home prices.\u201d<\/span><\/p>\n Indeed, people\u2019s hope is driving house sales not only to a high price but also to the lowest ever sale time in California history, at a median of seven days. Additionally, the Southern California region has an escalated median home price at $750,000, which is a 6.4% increase from last month at $705,000. This is a surmountable 65.5% increase from last year at $583,000, which is still only the third-largest increase in the state; the largest being in the San Francisco Bay area, whose median price went up from $1.225 million to $1.3228 million last month.<\/span><\/p>\n \u201cCalifornia continues to experience one of the hottest housing markets as homes sell at the fastest pace ever, with the share of homes sold above asking price, the price per square foot, and the sales-to-list price all at record highs, while active listings remain at historic lows,\u201d C.A.R. President Dave Walsh said.<\/span><\/p>\n