Zillow is reporting that San Diego prices are up 19.7% year-over-year, a trend that should continue for another couple of months. You can see here that prices started to increase last summer, which should put a statistical damper on the Y-O-Y percentage growth later this year:
If the 19% Y-O-Y trend continues on top of last year’s gains, it would mean 20% to 30% above 2011 pricing. If pricing stablizes over the next few months, the Y-O-Y percentages will show declines, to the delight of novice reporters in the media.
It is amazing how the market pyschology has changed throughout the west – even Stockton and Bakersfield are doing great!
Zillow Home-Value Index Y-O-Y Changes
| Town or Region | |
| Phoenix | |
| Sacramento | |
| San Jose | |
| San Francisco | |
| Las Vegas | |
| Stockton | |
| San Diego | |
| Santa Barbara | |
| Riverside | |
| Napa | |
| Los Angeles | |
| Ventura | |
| Bakersfield | |
| Merced |
As long as the Fed keeps the printing presses going this trend could go for another year.
The market is smoking hot in the nicer areas of San Bernardino county. Yes, they do exist! 😉
I’d say we are up around 20% YOY too. Keep in mind that we crashed harder than everybody else. We are just getting back up to the level where the county average family income can afford the average county home price. I know the San Diego market hasn’t met that standard in a long time, but in my opinion that’s where house prices *should* be. Unless there is no more buildable land, anything higher is going to be a bubble.