02 Dec San Diego real estate surpasses national averages

Beating national averages, the price of San Diego homes for sale rose 6.6 percent for the year ending in September, according to the most recent figures released by a leading national home index.

The S&P/Case-Shiller Home Price Index found the San Diego real estate market beat national averages in several key areas. It found San Diego real estate prices rose 6 percent year-over-year in August, compared to national averages, which rose 4.9 percent from September 2014 to September 2015. From August to September, the prices of homes for sale rose 0.6 percent, above the national average of 0.2 percent.

Despite higher than national averages, San Diego real estate experts said the market has been constrained by affordability, low housing supply, low interest rates and fewer distressed home prices. In October, the median home price of a house for sale in San Diego was $456,760, according to real estate data firm CoreLogic.

Real estate experts, meanwhile, are seeing increased price reductions, greater flexibility from sellers, lower demand and more days on the market in San Diego County, and expect home prices to increase. The index found San Francisco, Denver and Portland, respectively, grew the fastest, while San Diego was on pace with Los Angeles, Tampa and Atlanta.