San Diego Real Estate Update: No Homes for Sale
Fellow San Diegans, if your neighbor's house just sold for $200,000 over the asking price, in a week, yes you are right to think the market is crazy. There is a confluence of factors behind the insanity. But one of them, certainly, is the lack of homes for sale. Consider the table below, courtesy of Calculated Risk, that shows housing inventory is down almost -50% year-on-year. As you can see, there is a lack of housing inventory in many other markets as well. New home construction is a big driver of economic growth. Hopefully these markets see a boost in inventory soon.