San Diego Home Prices Inch Up
Tuesday, June 28, 2011
California's housing market is performing better than many of the nation's largest markets.
SAN DIEGO The San Diego housing market only picked up slightly less than half-a-percent in value from March to April, according the the latest Case Shiller Housing report. That's about half of the increase seen by the 20-city index. But average San Diego home values remain well above the point when the index started tracking values. Each market had a value of 100 in 2000. San Diego's value peaked at 250 in 2005 and now stands at 154.
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"For the most part they've retained about 50 percent of their value," said Maureen Maitland, housing analyst for Standard and Poor's. "Whereas other markets are flat; some markets are down. Markets like Cleveland, Detroit and Las Vegas average homes are selling for less that they were in 2000."
Washington, D.C., New York and Los Angeles are the only markets with prices that have grown faster than San Diego in the past 11 years.
San Diego home prices only ticked up .4 percent in April, but the region's housing market remains in better shape than other big city housing markets.
"California was hit, but not as badly as the others. San Diego this month came back. Not as strongly as the 10 or 20 city composites, but it still did show a positive increase. And in terms of its annual trend right now, it's down about 4.3 percent," said Maitland.