San Diego Home Market – Steady

The pace of home-price appreciation in San Diego County remained steady in February, as the market got closer to its annual peak homebuying season.

The S&P Case Shiller Home Price Index showed Tuesday that prices for resale single family homes rose 4.7 percent from February 2014 to February 2015. The region’s pace of annual appreciation has hovered between 4.5 and 5 percent over the past six months.

“We’re steadying out the market,” said Mark Goldman, a loan officer and real-estate lecturer at San Diego State University. “We’re up against affordability. We’re seeing some positive impact of the jobs picture and so forth, and I think we’re just in a more stable market. One thing that would help us a lot is if we had some new housing units.”

In February 2014, the index showed home prices up 20 percent, largely due to investors fixing and flipping properties. Goldman said the pace is not sustainable because people eventually get priced out. He said, however, that the pace could pick up once the county enters its peak spring and summer homebuying season because of increased demand but low inventory.

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