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San Diego Home Prices Up 7.1 Percent From June Last Year

A home for sale sits behind a sign that reads,

Credit: Associated Press

Above: A home for sale sits behind a sign that reads, "sale pending,"in San Diego, Aug. 14, 2013.

Home prices in San Diego increased 0.9 percent from May to June, and 7.1 percent from June of last year, according to the Standard & Poor's CoreLogic Case-Shiller Indices that were released Tuesday.

Both increases beat the national averages.

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

San Diego stood at 241.96 in June, representing a jump in home values of almost 2 1/2 times in nearly 18 years. The growth is the third-fastest in the U.S., behind Los Angeles and San Francisco.

The national composite of the 20 cities studied was at 200.54, up 0.7 percent for the month and 5.7 percent on an annual basis.

David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices, said the price increases continue to be supported by a tight housing market.

Photo caption:

Photo credit: Courtesy S&P Dow Jones Indices

Chart showing year-over-year home price increases from the S&P Dow Jones Indices report.

"Both the number of homes for sale and the number of days a house is on the market have declined for four to five years," Blitzer said.

"Currently the months-supply of existing homes for sale is low, at 4.2 months," he said. "In addition, housing starts remain below their pre-financial crisis peak as new home sales have not recovered as fast as existing home sales."

He said that while rising prices have impacted housing affordability, other factors in the equation are positive — unemployment, job creation, wage and salary increases, and continued low mortgage rates.

"Given current economic conditions and the tight housing market, an immediate reversal in home price trends appears unlikely," Blitzer said.

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