Bathed in sunshine, San Diego is home to the least affordable hotels metropolitan housing market in America. The city has overtaken i...
Bathed in sunshine, San Diego is home to the least affordable hotels metropolitan housing market in America.
The city has overtaken its northern California neighbor, the notoriously expensive San Francisco, earlier this year, according to a report by real estate analysis company OJO Labs.
“Prices are out of control,” Kathy McSherry, a Compass realtor in San Diego, told The Post on Saturday, a day after selling a 1,400-square-foot home for $1 million, a property originally listed for $900,000. . She currently has a $1.65 million offer pending on a $1.4 million listing for a 1,500 square foot property.
“We get multiple offers on everything,” McSherry said, including more than 20 offers on a one-bedroom condo in downtown San Diego.
OJO’s affordability measure compares median home prices to local incomes. The median price of homes sold in San Diego climbed 14.3% in January, to $764,000, bringing the city’s ‘unaffordability’ score to 8.1 – the ratio of home prices sold to income household median, reports OJO.
Median home prices remain higher in San Francisco than in San Diego, but homes there are considered more affordable due to higher average incomes.
Home prices have fallen 4.2% in San Francisco over the past year, the biggest decline of any of the 50 metropolitan markets measured by OJO Labs. The only other area in the red was Fort Myers, Fla.where house prices fell 0.2%.
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