San Diego Home Prices
Just released report shows: Home Prices Rise Further in August 2013 According to the S&P/Case-Shiller Home Price Indices
The 20-city index climbed 1.3 percent in August over July and 12.8 percent over the past 12 months, its biggest annual gain since February 2006. All 20 cities posted gains from August 2012 with 13 of those at double-digit rates. Home prices accelerated in August over July in 14 out of 20 cities monitored in the S&P/Case-Shiller index
Las Vegas led the 19 other metros with a 29.2 percent annual gain in prices. San Francisco, San Diego and Los Angeles also posted annual gains of more than 20 percent.
Las Vegas set the pace with a 2.9 percent monthly gain, followed by Detroit and Los Angeles with gains of 2 percent.
Las Vegas and California [San Francisco, Los Angeles and San Diego are all included in the report] continued to impress with year-over-year increases of over 20 percent.
Sure, all twenty cities posted monthly gains in August, (the devil is in the details) but, most cities showed deceleration compared to July! Since the summer is the strongest time for real estate activity . . . this could be a sign of a turn around in the increasing home price appreciation!
David Blitzer, chairman of the index committee at S&P Dow Jones, said an increase in interest rates in May could be a reason for demand for housing to decline. All 20 cities on the index saw monthly increases, but fifteen of those gains were smaller from the month before.
Another take: DataQuick, another home-price monitor, reported that the median price in August was $415,000, down from $417,500 in July. But it’s still up 20.2 percent from year-ago levels!
Are we about to see our short-term San Diego housing bubble about to pop AGAIN?
Here you go!
This could be a welcome relief to most who are waiting for some in San Diego’s challenging market for home-buyers.