San Diego Home Prices Show Signs Of Moderating
Tuesday, March 25, 2014
San Diego home prices gained ground in January, but prices are not going up nearly as fast as they did last year. That is one finding in the latest Standard and Poor's Case-Schiller Home Price index.
The national 20-market Index is showing signs that 2014's price run-up may be tapering off. The index slipped for the third straight month, although prices did inch up after adjustment for seasonal influences. Still, prices are up only slightly this year compared with the double-digit increases in 2013.
San Diego's home prices were up a bit between December and January, but San Diego State University's Mark Goldman said the local market is starting to find a balance.
"Last year this time, I was getting a lot of questions about the potential for another bubble in the real estate market. And we're not seeing that," Goldman said. "We're seeing a very stable market that appears to be in equilibrium."
Goldman said prices will likely continue to go up in the coming year, but at a more moderate pace.
He expects increases in the range of 3 to 4 percent in 2014 compared with increases of 20 percent last year.
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