Rising housing prices are reinvigorating the move-up market for San Diego County homeowners, the head of the San Diego Association of Realtors said today.
The trade group reported this week that the price of a single-family home increased 14 percent — from $360,000 to $410,000 — between February 2012 and last month.
It’s the first time in two years that the median price of a house in the San Diego region crossed the $400,000 level.
“Prices have risen enough that many people who put off selling their home are listing it because they know they’re going to be able to move up into that nicer home, or down into a more affordable one, without leaving money on the table,” SDAR board President Linda Lee said.
Prices of condominiums and townhomes also shot up over the same time period, from $198,500 to $250,000, a 26 percent increase, the SDAR reported.
The association reported the cost for both attached and detached residences combined climbed 18 percent.
Lee told CBS8 that prospective buyers need to be prepared and “very realistic” before searching for their next home.
“First of all, get pre-approved by reputable lenders and really know what they can qualify (for) comfortably,” Lee said.
She also said house hunters should identify the neighborhoods that interest them.