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San Diego Home Prices Continue To Rise

Real estate signs advertise the sale of three houses in a row in Encinitas in...

Photo by Associated Press

Above: Real estate signs advertise the sale of three houses in a row in Encinitas in San Diego County, July 13, 2006.

Home prices in San Diego increased by 1 percent from April to May, and 6.6 percent since May of last year, according to the Standard & Poor's CoreLogic Case-Shiller Indices that were released Tuesday.

Only five of the 20 major real estate markets included in the indices grew at a faster monthly rate, while San Diego's annual gain was in the upper half.

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

In May, the value for San Diego was 239.84, representing well over a doubling of home prices in roughly 18 years. Only the costs in Los Angeles have grown at a faster pace.

"Home prices continue to climb and outpace both inflation and wages," said David Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices.

"Housing is not repeating the bubble period of 2000-2006 — price increases vary across the country unlike the earlier period when rising prices were almost universal, the number of homes sold annually is 20 percent less today than in the earlier period and the months' supply is declining, not surging," Blitzer said "The small supply of homes for sale, at only about four months' worth, is one cause of rising prices."

He said the relatively low amount of new home construction is also a factor in the price increase.

The largest increase between May 2016 and the same month this year was Seattle, at 13.3 percent. Chicago's annual hike was the lowest, at 3.3 percent.

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