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San Diego home sales surge, trends expected to last

Anyone looking to sell has the advantage and experts say it'll stay like that for a while.


Buying a home has become increasingly unaffordable for working families and recent housing data shows San Diego's expensive housing market isn't slowing down anytime soon.  

It might feel like we're seeing home-sale signs at every turnbut experts say we're actually down two months of supply for the last two months in a row in San Diego. It means anyone looking to sell has the advantage and it'll stay like that for a while. 

Now that Nicole Kuzi has a newborn at homeshe's decided to upsize. 

"Because it's a one-bedroom and we have this little guy,” she said.  

The new mom designed the place herself 

"We're nine-minute drive to the beach and it's a very boho design I would say,” Kuzi said.  

But she had no qualms about listing her Carlsbad home 

"The market is really hot right now,” she said.  

Housing analysts agree. 

Home sales are booming nationwide - up almost 25% in August compared to the same time last yearAnd interest rates are a big factor. A 30-year fixed loan is at a record low of 3%. 

"In fact, we're on the leading edge of that,” said Jordan Levine, chief economist at the California Association of Realtors.  

His data shows San Diego home sales were 10% higher in August compared to the same time last year. Levine predicts the trend will continue into the fall.  

But what isn't clear is whether San Diego's inventory shortage will slow things down.  

"It's not that people don't want to buy interest rates are low - but there isn't enough homes out there to put these buyers into,” said Levine.  

He also said with a supply and demand imbalance, home prices will only rise. 

In August, the median price of a single-family home in San Diego was about $730,000. That's up over 12% from this time last year. 

So, is it a sellers market? Nicole Kuzi sure thinks so. 

"I think it's a win-win situation,” she said. “Interest is low. It's a good time to take a mortgage.”  

She and her family plan on staying in Carlsbad. 

"We're in 92009 and it's the best zip code in the world so...” Kuzi said.  

But may soon discover, being a buyer isn't as easy as selling 

"And you know, I don't have a choice,” she said. “I have a little one and I need a room for him.”  

The good newsanalysts expect mortgage rates to stay low for the next two years and say it could pay to wait for the housing market to cool down 

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