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Saturday, Jul 13, 2024
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San Diego Home Prices Increase 6.9 Percent in Last Year

Home prices in San Diego rose 6.9 percent during the year ending in January, according to a leading housing market index, tied with Los Angeles as the eighth-fastest-growing among the country’s large cities.

The Standard & Poor’s/Case-Shiller Home Price Index on Tuesday reported home prices gained 5.7 percent in the country’s top 20 cities, while the national average grew 5.4 percent.

David Blitzer, index committee chairman at S&P Dow Jones Indices, said some prices continued to rise at more than twice the rate of inflation.

“The recovery of the sale and construction of new homes has lagged the gains seen in existing home sales,” he said. “This may be starting to change: starts of single-family homes in February were the highest since November 2007.”

Single-family homes represented 70 percent of all housing starts in February, up from a low of 57 percent last June and close to the 75 percent or more from before the housing crisis, he said.

Portland, Seattle, San Francisco and Denver all saw gains of more than 10 percent, with 11.8 percent, 10.7 percent, 10.5 percent and 10.2 percent growth, respectively. Chicago, Washington, D.C., New York and Cleveland had the smallest gains, with increases of 2.1 percent, 2.2 percent, 2.8 percent and 2.9 percent, respectively.

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