Even amid economic uncertainty, California home prices broke records this year. See how Santee fared.
Kat Schuster , Patch Staff
SANTEE, CA — The past year has been one marked by economic uncertainty for many in Santee and across the country, but there’s good news for local homeowners: Home values in Santee remain on the rise.
Santee saw home values increase 22.5 percent year-over-year, according to an analysis from Zillow, an online platform for real estate and rental listings. Home values jumped from around $540,000 in April 2020 to $667,138 in May 2021.
The Zillow analysis includes all homes — including single-family houses, condos and co-ops — and is limited to the middle price tier of homes.
Statewide, California saw home values jump from about $578,000 in April 2020 to $668,000 in May 2021, according to Zillow. That’s a 15 percent year-over-year change.
California’s real estate market saw home prices take a 30 percent hit at the onset of the pandemic in April 2020 but rebounded to record-breaking levels this year. Median home prices in California have risen above $800,000 for the first time ever, according to a report from the California Association of Realtors.
A shortage of homes for sale in California fueled this price hike, according to Oscar Wei, the association’s lead economist. Prices were further boosted by increased demand from the state’s high-income residents who were able to take advantage of low-interest mortgage rates during the pandemic, Wei told Patch last month.
“It’s been rising and rising pretty quickly,” Wei said of the median home price. “Supply is definitely one of the main factors. … In terms of active listings, for example, [supply] dropped by about 50 percent compared to last year.
The metrics are bad news for low-income Californians and even for middle-class residents who are looking to buy a home.
“Not only do skyrocketing home prices threaten already-low homeownership levels and make it harder for those who don’t already have a home to purchase one, it also brings to question the sustainability of this market cycle,” said Jordan Levine, the association’s vice president and chief economist.
Wondering how your zip code or neighborhood fared? Check out Zillow’s latest data here .
Patch editor Courtney Teague contributed to this report.
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