Home values in San Diego and Carlsbad rose again in June, gaining 4.5 percent over the past year, though homes appreciated 6.5 percent nationwide, according to a report from CoreLogic.
CoreLogic said the rising home values were closely tied to inventory availability, with cities such as San Jose with less than two months’ supply of homes on the market seeing some of the strongest appreciation.
San Diego home prices rose 0.5 percent from May to June, while national prices were up 1.7 percent during the same time period, the 40th consecutive monthly increase. CoreLogic’s figures factored in distressed sales, including short sales and real estate-owned transactions.
"The current cycle of home price appreciation is closing in on its fourth year with no apparent end in sight," CoreLogic CEO Anand Nallathambi said. "Pent-up buying demand and affordability, together with higher consumer confidence buoyed by a more robust labor market, are a potent mix.”