Home prices in San Diego have dropped slightly from their peak of $1 million in August, but the majority of people still cannot afford to buy a single-family home. Only 11% of San Diego residents can afford a home at the median price of $964,000. The president of the Greater San Diego Association of Realtors expressed concern over the unattainability of homeownership for most people. The lack of affordable housing is attributed to a shortage of supply. However, there may be some relief in home prices in the future, with a slight increase in supply expected by 2024.
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