California's booming housing industry continues with San Diego County's media home price reaching one of the highest points ever after the tail end of 2017 push. According to a recent report, the media home price in December came in at $540,000.
"In 12 months, the median price increased 9.1 percent, outpacing the 4.2 percent yearly increase in 2016," according to National Mortgage News.
"San Diego County's median home price hit an all-time high in June of $545,000. Its lowest point of the year was $492,500 in February."
The huge hike in the median home price for the San Diego area stems from an all too familiar situation. The demand is far exceeding the supply of homes to meet them and thus, the price is being pushed at a premium for buyers who are quite frankly willing to pay a premium.
"New home sales propelled December's price rise. There were 484 newly built homes sold in December, above the monthly average of 251 sales throughout 2017," according to the report.
To learn more about California's continuous housing boom, click on the image above.