Yesterday we saw that the San Diego Case-Shiller Index has been essentially flat since mortgage rates went up at the end of June, 2013.
Those higher rates may have tempered the frenzy around the coast too, as sales started dropping off in August. But the average pricing has kept rising, now up to $498/sf last month (a 19% increase since July’s $418/sf):
Which segment is driving the average-pricing up?
It’s the higher-end!
Below is the graph for the Under-$1,400,000 market, where pricing has been flat since August – and last month was a blip; the average for February is $385/sf currently:
It’s a rich man’s game – get good help!