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San Diego Home Prices Jump 6.4% From 2015

Photo caption:

Photo credit: Associated Press

A house is reflected in a puddle of water from an irrigated front yard in San Diego, July 9, 2014.

Home values in the city more than doubled over more than 16 years, according to a new report. The rise was the second-fastest in the country, behind only Los Angeles.

Home prices in San Diego nudged upward 0.1 percent between January and February, and increased 6.4 percent from February 2015, according to the Standard & Poor's Case-Shiller Home Price Indices released Tuesday.

The monthly and annual changes were similar to those of the national indices.

Standard & Poor created the indices by taking home prices in 20 major real estate markets in January 2000, assigning them a value of 100, and tracking their subsequent rise and fall.

In February, San Diego's index reading was at 219.06, representing more than a doubling of home values over more than 16 years. The rise was the second-fastest in the country, behind only Los Angeles.

The 20-city index rose 0.2 percent in February, and gained 5.4 percent since February of last year.

"Home prices continue to rise twice as fast as inflation, but the pace is easing off in the most recent numbers," said David Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices. "The year-over-year figures for the 10-city and 20-city composites both slowed and 13 of the 20 cities saw slower year-over-year numbers compared to last month."

Blitzer said the low supply of available homes is making it difficult for homeowners looking to move up to a larger house or a more desirable neighborhood. The pace of single-family home construction still hasn't fully recovered from the recession, he said.

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