Case-Shiller shows San Diego home price increases slowing

Home price increases outpaced the national average in San Diego County in February but at a slower pace than usual, said the S&P/Case-Shiller Home Price Index released Tuesday.

The San Diego median home price ticked up 6.4 percent in the last 12 months, lower than the 7.2 percent gain in December and 6.9 percent in January.

The nationwide median home price, up 5.3 percent in the last 12 months, also showed signs of slowing.

David Blitzer, managing chairman of the Index Committee at S&P Dow Jones Indices, said in the report that a lack of new home construction and rising prices are not just bad for new buyers but have owners in a bit of a bind.

“Homeowners looking to sell their house and trade up to a larger house or a more desirable location are concerned with finding that new house,” he wrote.
SD median home price ticked up 6.4% in the last 12 months | SanDiegoUnionTribune.com

From January to February, San Diego home prices, adjusted for seasonal variation, increased 0.2 percent — the third lowest of the 20-city composite.

Mark Goldman, finance and real estate lecturer at San Diego State University, said the month-to-month change was not yet enough to qualify as a trend but would be a different story if it continues into the summer.

“At this point, keep an eye on it. Don’t panic,” he said. “We’re in a good, sustainable range of price appreciation.”

Goldman said the home market could continue to do well for owners if investors decide real estate is a better play than stocks and bonds.

read more at: http://www.sandiegouniontribune.com/news/2016/apr/26/home-price-appreciation-slows/

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