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San Diego Home Prices Continue To Rise But At Slower Rate

Evening Edition

Aired 5/29/14 on KPBS Midday Edition.


Alan Gin, Professor of Economics, University of San Diego

Mark Goldman, Real Estate Lecturer, San Diego State University

San Diego home prices increased 1.3 percent between February and March, according to the Standard & Poor's Case-Shiller Home Price Indices released this week.

The S&P report showed that, in the year since March 2013, the costs of housing in San Diego rose 18.9 percent. Nationwide, however, the pace of price increases has slowed some when compared on an annual basis.

The indices were created by taking the housing prices in 20 major U.S. cities in January 2000, assigning them a value of 100, and tracking the subsequent rise and fall.

San Diego's index stood at 199.6 in March, representing a near doubling of home values over 15 years despite the housing crash of the last decade. The local increase is topped only by Los Angeles and Washington, D.C., according to the data.

The 20-city index was 166.8, up 0.9 percent in March and 12.4 percent for the year. A 10-city index was at 181.43, which was 0.8 percent higher for the month and 12.6 percent for the year.

"The year-over-year changes suggest that prices are rising more slowly," said David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices. "Annual price increases for the two composites have slowed in the last four months and 13 cities saw annual price changes moderate in March. The National Index also showed decelerating gains in the last quarter."

Only Detroit, at 93.97, remains under the starting point of 100, according to S&P. Even there, prices were 15.7 percent higher in March than in the same month of last year.

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Avatar for user 'EverNewEcoN'

EverNewEcoN | May 29, 2014 at 2:09 p.m. ― 2 years, 10 months ago

Why it can be misguided relying
on Case-Shiller even for simply
making reversion to the mean
assumptions, especially when
combined with another item.

( | suggest removal )

Avatar for user 'EverNewEcoN'

EverNewEcoN | May 29, 2014 at 3:17 p.m. ― 2 years, 10 months ago

My Take, Their Article
(Dr. Housing Bubble, 5/29/2014.)
What You See Is What You
Get From Manipulated Supply
And Underwater Lock-In's

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Avatar for user 'tazzz104'

tazzz104 | June 2, 2014 at 9:33 a.m. ― 2 years, 9 months ago

How can they say there's not a bubble? Look at current prices and look at 2005 prices of the Housing Crisis Bubble. It's apples and apples.

Perfect example: 2/1, 951 sq feet, listed for $360k!

Zillow shows a graph that goes back to 2005.

Homes under 1000 sq ft selling for over $300k?
I was one of the unfortunate ones that bought in 2004...I will be the first to admit that I didn't educate myself fully on the state of the market and the volatility of the time that I bought....not to mention the interest only & arm loans are bad ideas. But, for comparison, I bought a 2200 sq ft, 3/2, for $495k 2 blocks from the property referenced above. I had to short sale 7 years later when my rate jumped and we could no longer afford the payment. To add to the problems, I was $150k underwater, so couldn't refinance. I learned a tough lesson and I fear many more are going to repeat them. Not I.

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