San Diego – Strongest Hosing Market in the Nation
San Diego home prices are on the rise, but, does this mean that the worst is over for the San Diego real estate market? Personally, I believe the governement tax credits( which may be mostly speeding up sales that would have occurred normally) and the fact that there is a huge number of loans due to have their first adjustment this year, could cause a double dip in San Diego housing values.
Year-over-year, the index for San Diego was up 7.6 percent.
San Diego was one of the first metropolitan areas where house prices started to tumble, and now is the only metropolitan area in the nation to show increased home prices between January and February.
Nationally, the S&P index was down .9 percent between January and February, but up .6 percent from the same period last year.
David Blitzer, chairman of the S&P Index Committee said: “Beginning last November, each report showed gains as fewer cities reported year-over-year declines than in the previous month; those gains ended with this report. Further, in six cities prices were at their lowest levels since the prices peaked three-to-four years ago,” he said. “These data point to a risk that home prices could decline further before experiencing any sustained gains.”
According to Blitzer, “tremendous improvement” in existing and new home sales, inventories and housing starts in March were likely the result of a federal homebuyer tax credit that is available until the end of April.
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Hopefully it’s an increasing straight shot from here. I don’t know if San Diego can take another dip.
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