Tom York on Business: San Diego Housing Prices Surged 12.3% Year-Over-Year in August


A home for sale in the Tierrasanta neighborhood of San Diego. Staff photo

The housing market in the region never fails to generate headlines.

San Diego enjoyed a 12.3% surge in its housing prices for the four weeks ending Aug. 27 compared to the same period last year, according to a recent report released by web-based real estate company Redfin.

But the first prize for the median home sale price went to Miami, which skyrocketed 17% year-over-year during those four weeks.

Miami’s spike in home prices was the most substantial among the 50 most populous U.S. metropolitan areas, although nearly all experienced year-over-year price gains in August.

Nationally, the median home sale price witnessed a 5% year-over-year rise, reaching $380,000, the most significant uptick in the past ten months. The typical monthly mortgage payment hit a record high at $2,649.

Prices declined in just six metros, including Austin, Phoenix, Portland, Fort Worth, Las Vegas, and San Antonio.

Redfin said the main driver behind rising home prices is a severe inventory shortage, with the total number of homes for sale in the U.S. dropping by 19%, the most substantial decline since February 2022, and new listings dropping 10%.

This scarcity results from homeowners holding on because of their low existing mortgage rate while interest on new loans is currently around 7%.

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Good news on the apartment rental front. San Diego’s supply of rental housing is increasing, which should help moderate rising rents in the months and years ahead. But the region still falls short of what other cities in the country are doing.

This is according to RentCafe’s annual Apartment Construction Report, which found that construction continues to add new units statewide as well as in cities like San Diego. 

The apartment rental website report found that San Diego is projected to complete 2,054 new apartments by December, with another 769  units to be finished in Chula Vista this year. 

The entire San Diego metropolitan area ranks 4th for new apartment construction statewide, with nearly 3,000 units expected by yearend 2023.

Only Los Angeles, San Francisco, and San Jose are projected to top San Diego in terms of apartment construction activity. LA, for example, will add 14,000 new apartments by year-end 2023.

This aligns with the steady construction levels seen over the past three years when San Diego metro saw more than 10,000 new apartments completed — the 4th highest total in California. 

Nationwide, the pandemic triggered a major apartment building boom, with more than 1.2 million new units added between 2020 and 2022, and another 1 million expected through 2025. 

RentCafe said 460,860 new apartments are expected to open this year with the New York metro area emerging as the top market for units with 33,000 new rentals.

Despite being ranked as the eighth largest city in the U.S., San Diego did not make RentCafe’s list of the 20 largest cities in terms of new apartment units completed in 2023.

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Looking to learn a news skill?

San Diego-based education platform TeachMe.To says it has launched a platform for athletes and enthusiasts seeking to acquire new skills or share their expertise with beginners in various sports.

The platform, available in over 100 U.S. cities, connects eager learners of all ages with local coaches for lessons in sports like golf, pickleball, tennis, and surfing, with plans to expand into activities like boxing, basketball, yoga, and personal training.

Students can select coaches based on introductory videos highlighting their experience and qualifications, book private lessons, and choose from single sessions or discounted Lesson Packs.

TeachMe.To says it offers the classes with a “money-back guarantee and comprehensive insurance for risk-free learning.”

During early beta tests, hundreds of lessons were booked daily with an average instructor rating of 4.9. For more details, visit teachme.to.

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San Diego-based men’s grooming company Manscaped says it has partnered with Sacramento State University.

According to a news release, the 7-year-old company says it aims to support the Hornets’ athletic journey and bring additional awareness to their successes in the NCAA Division 1 Big Sky Conference.

The partnership will include various marketing initiatives and exposure opportunities, “further solidifying Manscaped‘s commitment to sports cultures that embrace pride and enthusiasm,” the release said.

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Meanwhile, a San Diego inventor has unveiled his latest creation, the Windmill Attic Vent, a novel wind generator design aimed at producing electrical power without using fossil fuels, according to a news release from invention consultant InventHelp.

“This innovative design offers an eco-friendly alternative to traditional wind generators, mitigating the threat to birds while promoting environmental conservation and reducing carbon footprints.”

The invention, featuring an adaptable and easily installable design, is now available for licensing or sale through InventHelp’s San Diego sales office.

“My design would offer an alternative to conventional horizontal axis wind generators,” the inventor was quoted in a news release.

The design is available for licensing or sale to manufacturers or marketers. Learn more about InventHelp’s Invention Submission Services here.

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Finally, a nonprofit item of note: The San Diego Canyonlands and Ocean Discovery Institute have jointly launched a $3 million, three-year project, funded by the California Natural Resources Agency Urban Greening Program, to continue the Manzanita Greening and Canyon Health Project.

This initiative aims to mitigate wildfire and flood risks, support wildlife, and enhance community opportunities for nature-based recreation and learning, according to a news release.

The project will include the restoration of the canyon, improving water and air quality, biodiversity, climate resiliency, and property values while providing educational opportunities for local children and promoting a “Think Blue” mindset to prevent ocean pollution.

Tom York is a Carlsbad-based independent journalist who specializes in writing about business and the economy. If you have news tips you’d like to share, send them to tom.york@gmail.com.



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