Local Housing Prices Increase 19% in 12 MonthsThursday, August 29, 2013
San Diego housing prices rose nearly 3 percent in June, and increased 19 percent over 12 months, according to the most recent Standard & Poor’s / Case Shiller Home Price Indices.
A 20-city composite index increased 12 percent over the 12 months. Only one city, Detroit, had an index value that was below the number in 2000.
The index data show that national home prices increased more than 10 percent annually for the last two quarters, but the monthly data also demonstrates the pace of price increases is slowing.
Thirteen of the 20 cities saw their returns weaken from May to June, said David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices. “With interest rates rising to almost 4.6 percent, homebuyers may be discouraged and sharp increases may be dampened,” he said.
San Diego’s median priced single family house came in at $417,500 in July, up 22 percent from one year ago, according to DataQuick. For the six-county Southern California region, the median rose nearly 26 percent over the year to $385,000, DataQuick said.
— Mike Allen