San Diego’s red-hot housing market is beginning to cool off. The latest data says prices didn’t climb as much in April as in previous months. Inflation may be to blame.
executive vice president Scott Evans said the main driver behind this is mortgage rates.
The monthly mortgage payment on a $500,000 home in San Diego — a rarity these days — with a 20% downpayment increased by more than 30% compared to the beginning of the year, Evans said. “Most people who own their houses now have mortgages that are fixed at rates lower than the prevailing interest rate. So that makes them less likely to move up the housing ladder, move sideways on the housing ladder," he said.
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