Good news for homebuyers—even amid the housing crisis affecting the entire west coast, new homes are being built at an increasing rate in San Diego County. The data from the Real Estate Research Council of Southern California is in for the first half of this year. In all, the council reports that 6,953 residential permits were issued across this time frame.
If the second half of the year is equivalent to the first, it is possible that around 13,900 permits could be issued in total for 2018. If that is the case, that actually would not be that far behind the 15,258 permits which were issued in 2005, a strong year not long before the crash of 2007-2008.
Just how does this year’s data compare to last year’s? 6,953 residential permits represents a number which is 64% higher than what we saw last year at this time. That is quite a jump. It exceeds the 37% increase in Los Angeles County as well as the 20% increase in Riverside County. The rest of the counties in the region are not doing as well—they are actually building fewer homes this year than they were at this time last year.
The shortage in housing is partly responsible for the sharp increases in housing costs throughout California, Oregon and Washington. More new homes in San Diego hopefully will start bringing down costs in the near future, opening more doors for prospective homeowners who cannot afford the current prices on the market.
Need help shopping for an affordable mortgage in San Diego County? Give Maureen Martin a call at JMJ Financial at (619) 857-7191. Maureen can help you apply for a conventional or jumbo mortgage with a competitive interest rate, or assist you in applying for a favorable government-backed loan through the FHA or VA.