• Sun. Oct 1st, 2023

    The Rising Cost of Residential Real Estate in San Diego

    ByNuala Hafner

    Sep 20, 2023
    The Rising Cost of Residential Real Estate in San Diego

    The cost of residential real estate in San Diego has seen a significant increase in the past year, according to a report from Redfin. The city ranks fourth out of the top five metro areas with the highest year-over-year price gains. San Diego saw an 11.8% increase in prices, with Miami taking the top spot at 16.4%. Interestingly, Austin, Texas, which saw an influx of homebuyers from California during the pandemic, experienced the largest decline in home prices at -5.2%. The report also revealed that the median monthly mortgage payment in the U.S. reached an all-time high of $2,632.

    In addition, the California Association of Realtors reported that rising mortgage rates and a shortage of homes for sale have affected the market for the third consecutive month. Despite these challenges, San Diego’s average sales price in August reached $1 million, compared to $886,000 a year ago.

    On a square-foot basis, San Diego is one of the top five most expensive residential real estate markets, along with San Jose, San Francisco, Los Angeles, and New York. The rising cost of real estate in San Diego can be attributed to the competitive housing market and strong interest from prospective buyers.

    Quantum Computing Startup Demonstrates Prime Factorization Potential

    San Diego-based quantum computing startup MemComputing has announced its successful demonstration of prime factorization at scale. The company, founded by two physicists from UCSD, conducted a study on computing prime factorization as part of a Small Business Innovation Research contract with the U.S. Air Force. The results showed the feasibility of solving prime factorization using MemComputing’s patented circuit architecture. This breakthrough has significant implications for industries such as energy, transportation, organization, and national security.

    Fundraising Efforts for Nonprofit Foundation for Women Warriors

    The nonprofit organization Foundation for Women Warriors received a generous donation of $239,985 from HSN (Home Shopping Network) and its customers. HSN customers contributed over $139,000, and HSN matched the first $100,000 donated. The funds will support the foundation’s mission to empower and support women veterans and their families.

    Expansion of Green Hydrogen Company’s Partnership with City of Lancaster

    Element Resources, a green hydrogen company based in Houston, TX, is expanding its partnership with the city of Lancaster, which is located in California. The two entities will collaborate on developing hydrogen economy infrastructure, including fueling stations. The hydrogen produced at Element’s Lancaster Clean Energy Center will be used to decarbonize regional transportation and industrial markets. This partnership aligns with Lancaster’s efforts to transition to hydrogen power and generate natural gas from organic waste.

    New Locations and Franchise Openings in San Diego County

    The popular brunch spot The Cottage is set to open its third location in Del Mar Plaza in the spring. The Cottage already has locations in La Jolla and Encinitas. New York City fitness studio chain Pvolve has also opened a franchise in Carlsbad, offering its science-led, low-impact fitness method to the community. These new additions contribute to the vibrant retail and fitness scene in San Diego County.

    – Redfin Report
    – California Association of Realtors
    – MemComputing
    – Foundation for Women Warriors
    – Element Resources