After a little dip in February, San Diego home prices* experienced a
sizable pop in March and April.
* (The detached home median price per square foot, to be exact…
but that takes so long to type).
This isn’t surprising given the low level of inventory — note in
the chart below how the price change followed the (inverted) months
of inventory sharply upward, after a brief lag.
Here’s that months-of-inventory figure viewed year by year.
Months of inventory is slightly lower than this time last year,
which argues for more upward price pressure in the months ahead.
The “fake Case-Shiller” in red (3 month average of detached
price/sqft) experienced quite a bounce last month. (I really
should start displaying this on a logarithmic scale… I’ll put it
on my list of things I should be doing to make the site more
useful! It’s a long list and I don’t have much time these days
to work on it, but I can dream).
Sales volume was quite robust, just about identical to this time
last year. Those super-low mortgage rates are surely playing a
The big difference betwen now and the 2013 meltup is not in demand,
but in supply… there was just so little on the market back
then. But still, this is the lowest April inventory we’ve seen
Here’s a continuous view of inventory since 2010:
And months of active inventory over the same period:
Here’s the summary table for April, with the rest of the graph
roundup to be found below… thank you for reading!