Housing prices in San Diego increased 20.9 percent in September, compared to September 2012 prices, according to the Standard & Poor's Case-Shiller Home Price Indices released Tuesday.
The monthly increase from August to September was 0.9 percent.
San Diego home prices were similar to those in the 20 major U.S. real estate markets followed by S&P.
"The second and third quarters of 2013 were very good for home prices," said David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices.
The indices were created by taking housing prices in January 2000, assigning them a value of 100, and tracking their subsequent rise and fall.
San Diego's figure in September was 193.51, representing an over 93 percent appreciation in value over the last 14 years. The rise is the third-fastest in the country, behind Los Angeles and Washington, D.C.
The national index of 20 major cities stood at 165.66 in September, representing a nearly 67 percent appreciation in value since 2000. The figure was up 13.3 percent over the same time period in 2012, and 0.7 percent over this past August, according to the report.
Another index, which tracks 10 major markets, stood at 180.03.
The report said price increases were led by annual gains of more than 20 percent in San Diego, Las Vegas, Los Angeles and San Francisco.
"The strong price gains in the West are sparking questions and concerns about the possibility of another bubble," Blitzer said. "However the talk is focused on fear of a bubble, not a rush to join the party and buy. Moreover, other data suggest a market beginning to shift to slower growth rather than one about to accelerate."
He said existing home sales weakened in the most recent report, home construction remains far below the boom levels of six or seven years ago and interest rates are expected to be higher a year from now.
