By Request assets are not available for immediate purchase.
This content has not been pre-checked for copyright.
Per clip rates are for 20 seconds of final usage. If you are using more then 20 seconds or need a different file format or have questions about clearances contact us
Description
San Diego's home prices are rising again, coming in second place for the fastest rate of increase in the country. San Diego ranked second place, shortly behind Detroit, Michigan.
CBS 8 spoke with Frank Powell, the president of the San Diego Association of Realtors. He says he's not surprised San Diego is topping lists for rising home prices.
Why are home prices going up?
Powell blames inflation.
"Inflation is going up, energy is going up, everything is going up, and I can tell you what - the amount you're getting paid ain't going up, so we're in a jam."
He also said it's as simple as supply and demand.
"You have this problem where home affordability is just supply and demand. You want to get the highest level of return on your investment so you're going to sell it for the highest."
Where are home prices rising the fastest?
Detroit and San Diego took the top two spots on the S&P Case Shiller home price index. Two California cities cracked the top ten.
FULL STORY: https://www.cbs8.com/article/news/local/paradise-at-a-price/san-diego-home-prices-rising-2nd-america/509-28ab87d2-59fb-4d64-ba81-8642a121e2ba