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Wed Jul 8, 2020, 12:47 PM

Forecast: San Diego home prices to decrease, but not as much as nation

CoreLogic predicts home prices nationwide will decrease because of factors related to COVID-19.

San Diego home prices will decrease 1.3 percent in the next 12 months, much less than other parts of the nation, said a forecast released Tuesday.

The CoreLogic Home Price Insights report says nationwide prices should decrease about 6.6 percent from May 2020 to May 2021, largely driven by high unemployment and the continued prevalence of COVID-19.

Estimates of home price changes have varied since the start of the pandemic, especially as stay-at-home orders have been rolled out and the virus lasted longer than many predicted. At the start of the pandemic, analysts were more likely to say home prices would decrease but that changed as the home price continued to increase. Now, it seems evidence is pointing to a decrease again.

CoreLogic said home prices have largely gone up in the first months of the crisis as many sellers took homes off the market and left motivated buyers to fight it out for a limited number of properties. This was especially true in San Diego County where the median home price climbed to near-record highs at $590,000 in May.

https://www.sandiegouniontribune.com/business/story/2020-07-07/forecast-san-diego-home-prices-to-decrease-but-not-as-much-as-nation

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