Home prices continue to rise in the San Diego metropolitan area, increasing 0.7 percent in February and 4.7 percent for the past year.
The data released Tuesday for the widely followed S&P/Case-Shiller Home Price Indices showed that prices in San Diego and elsewhere in California continue to rise faster than the national average.
San Francisco recorded the greatest overall increase nationwide in February, while the rate of increase in San Diego, though still high, slowed slightly. Here is how metro areas in California compared:
- Los Angeles –0.8% in February, 5.8% for past year
- San Diego — 0.7% in Feburary, 4.7 % for past year
- San Francisco — 2.0% in February, 9.8% for past year
- National Average — 0.1% in February, 4.2% for past year
“Home prices continue to rise and outpace both inflation and wage gains,” said David M. Blitzer, managing director at S&P Dow Jones Indices. “The S&P/Case-Shiller National Index has seen 34 consecutive months with positive year-over-year gains; all 20 cities have shown year-over-year gains every month since the end of 2012.
“While nationally, prices are recovering, new construction of single family homes remains very weak despite low vacancy rates among both renters and owner-occupied homes.”
The S&P/Case-Shiller Home Price Indices are intended to accurately track the price path of typical single-family homes located in each of the 20 metropolitan areas surveyed.
