The S&P/Case-Schiller report, which is a key monthly housing index, was released on Tuesday for the month of February. The report contained some good news for San Diego County home prices. It stated that the San Diego region had an increased in home values of 1.7% in December from a year ago. Of the 20 major metropolitan areas covered by the report, Washington, D.C. was the only city to post a gain other than San Diego (4.1%).
San Diego’s home prices have fallen slightly three of the last four months, but the Case-Schiller figures show that home prices in San Diego have risen about 10 percent since they hit bottom in April 2009. “Unlike the 2006 to 2009 period when all cities saw prices move together, we see some differing stories around the country,” said David M. Blitzer, chairman of the index committee at Standard & Poor’s. “California is doing better with gains from their low points in Los Angeles, San Diego, and San Francisco.”
San Diego’s limited housing inventory and geographical location are a few factors that may be helping the recovery. Even with this good news for home owners, home buyers still have a great opportunity in front of them. San Diego home prices are still at multi-year lows and interest rates are in the high 4% range for a conforming or FHA loan.