Housing costs continued to rise steadily in San Diego, with home prices up 0.6 percent in June and 6.9 percent for the past year, according to the authoritative Case-Shiller report.
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The price increase locally was below the national average of 0.8 percent in June, and well below that in Las Vegas, which is currently the nation’s hottest market with a one-month increase of 1.4 percent.
“Home prices continue to rise across the U.S.” said David M. Blitzer, managing director at S&P Dow Jones Indices. “However, even as home prices keep climbing, we
are seeing signs that growth is easing in the housing market. Sales of both new and existing homes are roughly flat over the last six months.”
The West continues to lead the nation in housing appreciation, with Las Vegas, Seattle and San Francisco all experiencing a double-digit increase over the past year.
But the high cost of housing locally worries policymakers because of the potential for long-term impact.
“Homeowners hoping to upgrade as their family grows and their income rises are being priced out of their next home,” said Sean Karafin, vice president for public policy and economic research at the San Diego Regional Chamber of Commerce. “In addition, most homeowners would eventually like to see their adult children and grandchildren stay in San Diego, but next generations are being forced to look elsewhere.”
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