The economy is looking up for many and according to the Case-Shiller index tracking resales of single family homes, this trend is being reflected in home prices. Nationally, prices are up 5 percent in the last 12 months, but in popular San Diego, that number is even higher. At a rise of 6.3 percent our fair city is still way under the leaders – Portland (up a staggering 12.3 percent) and her sister Seattle up over 10 percent. The reason for the rise? A generally upbeat and positive economic climate plus low mortgage interest rates and lower unemployment, at least in these leading markets.
So where does a budget conscious prospective homeowner turn for value?
The answer may be found in the northern suburb of Escondido with an average sales price of $415,000. With the San Diego median inching up to half a million (currently $490,000) there’s a saving to be found in this community for both families and retirees. Located 30 miles northeast of downtown San Diego, the city is located in a shallow valley surrounded by rocky hills. It is home to the San Diego Zoo’s Safari Park and the California Center for the Arts, and is a draw to tourists for its many local eateries and attractions. Festivals such as the “Cruisin’ Grand” featuring snazzy and retro automobiles and the “Grand Avenue Festival, held both fall and spring, lure visitors.