San Diego Home Prices Flat in November
Today the latest S&P/Case – Shiller Home Price Indices were released for November 2013. The index of home prices in 20 top cities fell 0.1% in November. A separate 10-city index also fell by 0.1%, Standard & Poor’s/Dow Jones Indices said in a statement. The 20-city index showed prices 13.8% higher than a year earlier, while the 10-city index rose 13.7%.
The company said the dip is not a reversal of the housing recovery. Prices typically dip in November and this performance was the best for any November since 2005.
Home prices are still rising despite last May’s jump in mortgage interest rates, Blitzer said. Mortgage applications for purchase were up in recent weeks, confirming home builders’ optimism shown in surveys by the National Association of Home Builders, he added.
The 20-city price index has climbed 23.7% since its low in March of 2012.
