Home prices in the San Diego region rose 7.2 percent in 2015, faster than the national average but less than in some of America’s hottest markets, according to the widely followed Case-Shiller index.
The year-end report released Tuesday said increases averaged 5.4 percent across the nation, but Portland, San Francisco and Denver saw double-digit increases. Portland led the way with an 11.4 percent rise, followed by San Francisco with 10.3 percent and Denver with a 10.2 percent.
Between November and December, home prices in San Diego rose 0.7 percent, an uptick from 0.4 percent between October and November and above the national average.
“While home prices continue to rise, the pace is slowing a bit,” says David M. Blitzer, managing director at S&P Dow Jones Indices. “Seasonally adjusted, Miami had lower prices this month than last and 10 other cities saw smaller increases than last month.”
He said the stock market’s turmoil since the beginning of the year is concerning to the real estate industry, but noted that home construction is “beginning to show some serious strength” and continued home price increases should encourage more construction.
“Total housing starts have stayed above an annual rate of one million starts per year since last March and single-family home have been higher than 700,000 units at annual rates since June. Housing investment continues its positive contribution to GDP growth,” Blitzer said.
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