There are many factors fueling the hot housing market, according to economists.
Low interest rates, low housing supply, and high demand are among the top reasons fueling the current housing prices.“What I have been seeing is a lot of people from L.A., San Francisco, San Jose areas starting to get priced out of their markets and turning their attention to San Diego because of location, and a lot of those other markets appreciate a lot faster, we are seeing a lot of those people come down here,” Roxas said.The housing market is not expected to keep its current pace, though.
“I think we are already seeing signs of the market cooling off right now to be completely honest. A lot has to do with the Fed raising the rates to try to counteract what’s happening with inflation,” Roxas said.