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Quality of Life

San Diego County Home Prices Increase Slightly

Home prices in San Diego County edged up 0.6 percent in April, part of a broader increase in housing costs around the country, according to the Standard & Poor's Case-Schiller Home Price Indices released Tuesday.

The indices were created by taking the price of housing in 20 large markets across the U.S. in January 2000, assigning them a value of 100, and tracking their subsequent rise and fall.

San Diego's index stood at 209.88 in April, representing more than a doubling in value over 16 years. The increase is the third-fastest in the country, behind Los Angeles and San Francisco, and barely edging out the 209.82 mark in Washington, D.C.

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The national 20-city index rose 1.1 percent in April to 177.01. For the year, the increase was 4.9 percent.

San Diego area home prices are up 4.5 percent since April 2014.

"Home prices continue to rise across the country, but the pace is not accelerating," said David Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices.

"Moreover, consumer expectations are consistent with the current pace of price increases," Blitzer said. "A recent national survey published by the New York Fed showed the average expected price increase among both owners and renters is 4.1 percent." H

e said recent reports indicate that sales of new and existing homes are increasing, and construction starts were higher in May.