Home Prices Rise Again
Tuesday, May 25, 2010
SAN DIEGO San Diego has logged 11 consecutive months of increasing home prices, while much of the nation's housing market continues to decline, a national tracking firm reported today.
The Standard & Poor's/Case-Shiller Home Price Indices for San Diego rose 1.5 percent from February to March and was up 10.8 percent year-over-year.
Nationally, the S&P index of 20 major cities fell 3.2 percent in the first quarter of 2010, but was 2 percent higher from the same period last year.
The index was down .5 percent from February to March.
Prices in 13 of the 20 metropolitan areas tracked by the index declined from February to March.
"The housing market may be in better shape than this time last year, but when you look at recent trends, there are signs of some renewed weakening in home prices," said David Blitzer, chairman of the S&P Index Committee.
The exceptions were Los Angeles, Minneapolis, San Francisco and San Diego, which have shown recovery over year-ago lows, according to the S&P index.
"San Diego, in particular, has stood out with 11 consecutive months of increasing home prices," according to the index.
The S&P/Case-Shiller Home Price Indices tracks the value of single-family homes by analyzing thousands of properties using sales data in 20 U.S. metropolitan markets.