San Diego's real estate future is looking bright.
Are you ready for some good news about San Diego real estate? Well Standard and Poor's/Case -Shiller Home Price Index is how Wall Street evaluates real estate markets throughout the country. San Diego showed great signs of recovery and was second to only San Francisco.
San Diego saw a gain or 9.3% year over year from July 2009 through July 2010 compared to San Francisco who saw an 11.3%. The national average was about 3.2% across the top 20 metro markets in the U.S. This is great news and according to the article San Diego and California have come along way back from the crash just a few years back.
The index also points out that California's neighbors aren't so lucky when it comes to getting on the road to recovery. States such as Arizona and Nevada are behind California when it comes to the recovery of the real estate market. Experts are actually surprised that San Diego's home prices have done so well considering our unemployment numbers aren't so great. San Diego has a much lower home ownership rate than before but programs such as the federal first time home buyer's tax credit have inspired people to get into the real estate market.
Prices are not expected to do much for the rest of the year and for the beginning of next and the future state of the real estate market will be more of a stable progression instead of a volatile up swings resulting in massive home price crashes. Anyone looking for the return of the 2005-06 home prices will be sadly disappointed.