San Diego was among the top three cities in the U.S. with the biggest annual home price increases in September, said a key real estate index released Tuesday.
The region’s home prices have risen 8.2 percent in a year, said the S&P Case-Shiller Indices. Only Seattle and Las Vegas had bigger increases in the 20-city index.
San Diego also made its way into the top three cities in the previous month. Before that, the last time it received that distinction was 2014.
Susan Wachter, a real estate economics professor at the Wharton School at the University of Pennsylvania, said San Diego’s price increases show steady job growth but, like much of the nation, a lack of homes for sale.
“Every job doesn’t come along with a new house. That’s the bottom line,” she said. “Supply doesn’t necessarily respond to demand, and it hasn’t.”
San Diego County added 24 new homes for every 100 jobs created from 2012 to 2016, according to building permits and the U.S. Census. As of September, the region was adding about 30 homes per 100 jobs.
San Diego’s yearly increase outpaced the nationwide gain of 6.2 percent and the other California cities covered by the index, Los Angeles (6.2 percent) and San Francisco (7 percent).
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