San Diego continues to show strong real estate sales for single family homes. After a double digit increase in single family home sales for April, May exceeded expectations by increasing over 21% from 2011. These numbers give many confidence the housing market bottom has finally been reached.
While many contributors play a role towards these gains, including a faster short sale process by banks, none are more significant than historically low interest rates. In fact, numbers are now indicating owning in San Diego is more economic than renting. The median rent for a two-bedroom apartment in San Diego remains $1200 while the median mortgage is $1,100.