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Housing prices in San Diego County soar 9.8 percent

Tuesday, March 26th, 2013
Issue 13, Volume 17.

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, Advertisement
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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.



Comment Profile ImageRay (the real one)
Comment #1 | Thursday, Mar 28, 2013 at 4:56 pm

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