A newly sold home in Encinitas. REUTERS/Mike Blake

Home prices in San Diego rose 3.2% in April as the authoritative Case-Shiller Index released Tuesday showed the biggest rise in home prices nationally in 30 years.

Phoenix, San Diego, and Seattle reported the biggest gains in April and for the past 12 months among the 20 largest metropolitan areas in the United States.

Home prices in San Diego are up 21.6% since April 2020 when the coronavirus pandemic began, slightly less than the 22.3% rise in Phoenix and slightly more than the 20.2% increase in Seattle.

Nationwide home price increases averaged 2.1% in April and 14.6% over the past 12 months.

“Although prices were strongest in the West (+17.2%) and Southwest (+16.9%), every region logged double-digit gains,” said Craig J. Lazzara, managing director at S&P Dow Jones Indices.

“April’s performance was truly extraordinary,” said Lazzara. “The strength in the U.S. housing market is being driven in part by reaction to the COVID pandemic, as potential buyers move from urban apartments to suburban homes.”

Zillow Economist Matthew Speakman said “it doesn’t appear that there is an end in sight” to the trend in home price increases.

“As more signs of an improving economy continue to arrive, demand for housing remains elevated leading homes to fly off the shelves and red-hot competition for the relatively few homes available for sale,” Speakman said.

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Chris Jennewein

Chris Jennewein is Editor & Publisher of Times of San Diego.