Despite falling home sales nationally, real estate prices in San Diego are holding steady, and the metro area remains in the top three for total increase over the past year, according to new data Tuesday from the respected S&P/Case-Shiller index.
“The three California cities and Las Vegas have the strongest increases over the last 12 months as the West continues to lead,” said David M. Blitzer, chairman of the index committee at S&P Dow Jones Indices. But he noted that other measures show an uncertain housing market
“Despite continued price gains, most other housing statistics are weak,” he said. “Sales of both new and existing homes are flat to down. The recovery in housing starts, now less than one million units at annual rates, is faltering. Moreover, home prices nationally have not made it back to 2005.”
Here are the top five metro areas for home price increases over the past year:
- Las Vegas — 23.1%
- San Francisco — 22.7%
- San Diego — 19.9%
- Los Angeles — 18.2%
- Atlanta — 16.1%
The Case-Shiller index is are based on work by economists Karl Case and Robert Shiller, who calculated the home price index back to 1890.
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