Home prices continued to rise in San Diego and across that nation in June, but the pace is slowing locally, according to the most widely watched real estate index.
The influential Case-Shiller index released Tuesday showed home prices rose 0.2 percent in San Diego in June, down from the 0.9 percent increase in May.
“In a handful of areas, including pricier markets like San Diego, inventory is starting to creep back up,” noted Dr. Svenja Gudell, chief economist for the online real estate firm Zillow.
Prices have risen 6.4 percent in San Diego over the past year, well above the national average of 5.1 percent, but below the double-digit increases in cities like Portland and Seattle.
“Home prices continued to rise across the country led by the west and the south,” says David M. Blitzer, managing director at S&P Dow Jones Indices. “In the strongest region, the Pacific Northwest, prices are rising at more than 10%; in the slower Northeast, prices are climbing a bit faster than inflation.”
Blitzer said sales of existing homes are at running at about 5.5 million units annually with inventory levels under five months, while sales of new single-family homes are at the highest rate since November 2007.
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