Home prices in San Diego continued to show strong annual gains in January, but the upward trend continued a slowdown when measured on a monthly basis, according to the Standard & Poor’s Case-Shiller Home Price Indices released Tuesday.
Between January 2013 and the same month this year, the cost of a new home in San Diego climbed by 19.4 percent, according to the report. From December of last year to January, the increase was 0.6 percent.
The figures were reflective of trends in the nation as a whole. The 20 large real estate markets tracked by S&P gained 13.2 percent on an annual basis and declined 0.1 percent between December and January.
“The housing recovery may have taken a breather due to the cold weather,” said David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices. “Expectations and recent data point to continued home price gains for 2014. Although most analysts do not expect the same rapid increases we saw last year, the consensus is for moderating gains.”
S&P created the indices by taking the cost of housing in January 2000 in the 20 big cities, assigning them a value of 100, and tracking their subsequent rise and fall.
San Diego’s figure in January was 194.94, which means home values appreciated nearly 95 percent in 15 years. That rate is only topped by Los Angeles and Washington, D.C.
Only Detroit, at 93.93, remains below the starting point of 100.
–City News Service