San Diego home prices outpaced nation, state in March

San Diego County’s home market showed signs of increased growth in March, outpacing price gains in other California cities and the nation, said the S&P CoreLogic Case-Shiller Indices released Tuesday.

The indices, adjusted for seasonal swings, showed San Diego County home prices rose 6.5 percent in a year. It was 5.8 percent nationwide, a 33-month high.

Other California cities did not have the same pace of growth as San Diego. The indices showed Los Angeles home prices up 5.3 percent in a year and San Francisco by 5.1 percent.

Of the 20 major regions followed by the indices, San Diego ranked No. 9 in March, above Las Vegas, Chicago, New York, Miami and other markets.

David Blitzer, managing chairman of the Index Committee at S&P Dow Jones Indices, wrote in the report that if mortgage rates rise from current levels — around 4 percent — it could deter more people from selling and trading up to new homes.

“While prices cannot rise indefinitely, there is no way to tell when rising prices and mortgage rates will force a slowdown in housing,” he wrote.

Seattle had the biggest yearly increase at 12.3 percent, followed by Portland at 9.2 percent and Dallas at 8.6 percent.

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