Tom York on Business: Buying a Home in San Diego Got a Bit Easier This Summer

A renovated house on the market in Level Loma. Photograph by Chris Jennewein

It bought a little bit simpler to buy a house in San Diego this summer time, based on a 3rd quarter survey undertaken by the California Association of Realtors, the commerce group of residential actual property brokers and brokers.

However long-term affordability is slipping, largely because of the latest dramatic run-up in housing costs.

Right here in Southern California, affordability improved from the earlier quarter in San Diego, in addition to Los Angeles, Orange and Ventura counties.

Right here 23% of would-be consumers may afford a median priced house, an enchancment of 1% from the earlier quarter. However down from 27% a 12 months in the past.

Statewide solely 24% of California households may afford to buy the $814,580 median-priced house within the third quarter, down from 28 p.c in third-quarter 2020.

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