The value of San Diego’s housing market continued to rise in April albeit by only 0.8 percent above a March index, according to the latest S&P/ Case-Shiller price index report.
Over the full year to April 2013, the region’s value index increased 15.3 percent, third highest among 20 of the nation’s largest cities.
Only Las Vegas at 18.8 percent and San Francisco at 18.2 percent showed higher annual increases to their cities’ housing value index.
The slowdown was similar across most cities, the report said.
“Overall, prices are rising month-to-month but at a slower rate,” said David Blitzer, chairman of the Index Committee at the S&P Dow Jones Indices.
Blitzer said near term economic factors favor further gains in housing, including low mortgage rates that are below what they were a year ago and should stay that way at least to mid-2015, and an improved labor market.
However, the overall housing market is still not back to normal, and low inventories persist along with challenges for many potential buyers in qualifying for a mortgage, he said.