23 Feb Home prices in San Diego rise above national averages

There’s more good news for the real estate market in San Diego: Home prices in the county have once again surpassed national averages, according to a new national report by the S&P Case-Shiller Home Price Index. It found San Diego prices increased slightly above national averages, to 1 percent in December.

Though small, the increase is higher than the national average increase of 0.8 percent and signals a stronger market. Nationally, markets in Seattle, Tampa and Detroit gained the most from November to December; San Diego home prices increased 1 percent during that time.

San Diego real estate

Over the last 12 months, the price of homes in San Diego rose 7.2 percent, which was 1.8 percent higher than national averages. San Diego County had the sixth-highest gains in the country year-over-year, behind Portland, San Francisco, Denver and others.

San Diego real estate experts are optimistic about the home price increases, but warned the pace is slowing nationally as mortgages creeped up last year and low inventory in the area remains a challenge. Meanwhile, prices continue to rise. The median home price in the county hit $462,750 in January, according to CoreLogic.

The 20-city index found all home prices increased in the last 12 months. Washington, D.C., was the lowest growth rate, at 1.7 percent.

A strong kick off

The prices of homes for sale in San Diego dipped in January, but median sale prices roared back, increasing 7 percent over the last year.

Countywide, home prices dropped 2.6 percent from December to January. Despite the higher median home prices, San Diego home sales remained down across all categories. There were 2,215 resale home sales in December and that number fell to 1,480 in January. Condo sales fell 35 percent and newly-built homes fell 49 percent during that time, CoreLogic data found.