San Diego Home Prices Rise 6.9% in a Year

San Diego region’s home prices rose 6.9 percent in the past year, according to the latest data in the S&P CoreLogic Index released August 28th. The effects of San Diego’s rising home prices extend beyond first-time homebuyers to those who many think are “immune” to the current housing crisis. Homeowners hoping to upgrade as their family grows and their income rises are being priced out of their next home. In addition, most homeowners would eventually like to see their adult children and grandchildren stay in San Diego, but next generations are being forced to look elsewhere. Other than in the relatively rare occasions of downsizing, or using a home as collateral to take out a loan, this housing crisis is just bad for the vast majority of San Diegans.