San Diego Home Prices Gain and Outpaces U.S. Real Estate Sales.
San Diego Real Estate Sales prices surge and reach higher than United Sates Real Estate Sales.
The pace of U.S. home-price increases began to slow by mid-year but not in San Diego County, where values took their largest annual jump in more than eight years, the S&P/Case-Shiller Home Price Index showed on Tuesday.
San Diego home prices in June rose 19 percent from a year ago, which marks its largest year-over-year hike since March 2005. The latest data also shows San Diegois outpacing national home-price growth, which was 12 percent when tallying all 20 areas in the index.
All 20 major metros in the Case-Shiller report showed price gains in June’s report, but fewer cities saw faster growth this month than last month. In this report, six fit that bill. In the previous report, it was 10. Also, more than half of the areas in the index showed weaker month-to-month gains.
The sudden uptick may have pushed some on-the-fence buyers into the market but also may have priced out others.
“Home buyers may be discouraged and sharp increases may be dampened,” said David M. Blitzer, chairman of the index committee at S&P Dow Jones Indices, in this month’s analysis.
The significant drop in local foreclosure resales also may explain why the county outpaced the nation in home-price growth. Foreclosure resales, which tend to carry discounts, made up 7 percent of home sales in June, down from 20 percent the previous year.
Home prices are rising in part because an increasing number of real estate investors are putting their investments on the market, typically refurbished and going at a higher price, said Lea, with San Diego State University.
San Diego County’s median continues to hover at a 5-1/2 year high.
If you would like to see any property throughout San Diego Area, one of us at The Biszantz Connection at Coldwell Banker would be pleased to show you the area!