San Diego Housing Market News and Analysis
February Housing Data: big jump in prices; inventory approaching early-2013 lows
Submitted by Rich Toscano on March 20, 2017 - 12:09pm
The median price per square foot surged in February:
This level of price increase is in some sense what should be expected given the pretty severe lack of inventory, but to see prices go up so much in a single month is unusual:
Here's a summary chart for the month, showing that price per square foot for single family homes (much more reliable than condos) popped by 4%:
Note that months of inventory is 13% below last year's already-pretty-low level. Here's how that metric looks over the past few years:
This is less a results of sales volume, which is healthy but very normal for recent years:
...and more a result of the severe lack of homes for sale:
In fact, in terms of active inventory, we are approaching early-2013 levels of scarcity.
And we know what happened then! (In case your memory needs jogging: SD Case-Shiller rose almost 19% between January and September of that year).
If more supply doesn't hit the market soon, things could get interesting...
More graphs below:
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