Home Prices Soar, With 'Gas In Tank' For Market To Keep Surging, But Rent Savings Hard To Find

San Diego CA

21 March, 2021

5:07 PM

Description

By Editor, Times of San Diego March 21, 2021 Low-income renters were hit the hardest by the pandemic, but largely left out of rent savings from a market that flatlined over the past year, according to an industry market report. Rent declines have typically been sharpest in the most-expensive areas, while remaining high in traditionally more-affordable areas. Nationally, rents look to have hit bottom and started on an upward swing, growing for the second month in a row. In the numbers for the San Diego metro area, according to Zillow's February report: Typical rent is $2,380, $97, or 4.2%, higher than a year ago. Rents in the highest-priced zip codes and lowest-priced zip codes have risen at the same rate, 4.4%The typical home has appreciated $87,664 over the past year. It's now worth $702,933, up 14.2% year over year and 1.5% from January to February. For-sale inventory has fallen 25% compared to last February.February was another month of growth in home value as rising mortgage rates did little to slow housing demand. U.S. home values tied a record pace of monthly growth, while annual growth approached 10%. "Home price appreciation kept up its breakneck pace in February, as a wave of early-bird shoppers competed furiously over a very limited inventory offering," Zillow senior economist Jeff Tucker said. "Monthly price growth accelerated further in most large metros in February, suggesting that buyers still have a lot of gas in the tank to keep pushing prices higher." The price of a typical U.S. home is at $272,446, an increase of nearly $25,000 over the last year. In other California markets, current typical home prices, and the percentages they've risen, are: Riverside: $441,324, 13%Los Angeles/Long Beach/Anaheim: $761,635, 9.6%San Jose: $1.3 million, 12.8%San Francisco: $1.2 million, 5.4% Times of San Diego is an independent online news site covering the San Diego metropolitan area. Our journalists report on politics, crime, business, sports, education, arts, the military and everyday life in San Diego. No subscription is required, and you can sign up for a free daily newsletter with a summary of the latest news.