Even though San Diegans have started to feel some relief regarding inflation, one area remains an exception: housing.
SAN DIEGO —
“We are seeing some positive signs on inflation overall. The rate of inflation — still high, way above where the Fed wants it, but starting to moderate,” said Roccato.“At the end of the day, it’s about supply and demand. People want to live in San Diego. It’s a beautiful city. It’s a popular city. And it’s an expensive city because the supply of housing simply cannot meet the demand,” he said.
According to the Department of Labor, the cost of shelter in the San Diego area is up 7.6% compared to last year. “What you saw for a little bit...was people staying out of the market while interest rates climbed tremendously, but people have sort of given up. They know rates are here to stay,” explained Jordan Beal, President of the Beal Group and Broker Associate at Compass.
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