Housing prices in San Diego County soar 9.8 percent

SAN DIEGO – Housing prices in San Diego County soared 9.8 percent between January 2012 and the same month in 2013, despite a slight dip to begin this year, according to the Standard and Poor’s Case-Shiller Home Price Indices released today.

San Diego’s year-to-year increase was the ninth largest of the 20 cities included in the indices, according to the report. The city was among eight places with a small decrease between December and January.

The indices took housing prices in 20 major markets in January 2000 and assigned them a value of 100, and tracked their subsequent rise and fall.

San Diego’s index in January stood at 163.28, representing a 63 percent appreciation in 13 years. Housing prices in just two other cities — Washington, D.C., and Los Angeles — have outpaced the local increase.

By contrast, Atlanta and Detroit are below their starting points, at 96.90 and 80.01, respectively.

Nationally, the 20-city index stood at 146.14 in January, an 8.1 percent jump over one year earlier.

David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said the annual national increases are the highest since the summer of 2006.

”Economic data continues to support the housing recovery,” Blitzer said. ”Single-family home building permits and housing starts posted double- digit year-over-year increases in February 2013. Despite a slight uptick in foreclosure filings, numbers are still down 25 percent year-over-year.”

He also said steady employment and low borrowing rates have pushed inventories down to their lowest levels since the recession.

One Response to "Housing prices in San Diego County soar 9.8 percent"

  1. Ray (the real one)   March 28, 2013 at 4:56 pm

    Cantaffordya!

    Reply

Leave a Reply