San Diego housing market seeing more price cuts

Posted at 4:11 PM, Aug 16, 2018
and last updated 2018-08-16 21:19:36-04

SAN DIEGO (KGTV) -- San Diegans could see a bit of relief from rising housing prices, according to a Zillow housing report.

The report claims that 20 percent of listings in June saw a price cut, compared to only 12 percent of homes that had their prices cut a year ago. 

Similarly, the increase in home values has slowed, and is expected to see even slower growth over the next year.

While the rise in home values has seen a slight decrease, they’re still on the rise. The median price in the county is now $583,700, up 6.6 percent from a year earlier.

"Now with prices being so high, we decided to move to Arizona where prices are more affordable," said Eric Oster, who rents an apartment in the Kearny Mesa area.

Zillow expects that rate of appreciation to decline to 4.7 percent by next year. 

Still, the cooling home price growth is being offset by higher interest rates, which increases monthly payments. 

"The key is, if you're going to buy a home, the biggest question is - can I afford the payments, and if you're stretching yourself too thin it doesn't matter what the market's doing," said Bridget Potterton, a San Diego Real Estate Broker.

The median home value in the US is currently $217,300. Meanwhile in San Diego, the median home value is $583,700, according to Zillow.