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.