San Diego home prices up 7.6% in a year

San Diego had the seventh-highest home price increase in the nation in February, said a key real estate index released Tuesday.

The region’s home price increased by 7.6 percent in a year, said the S&P CoreLogic Case-Shiller Indices. Seattle had the biggest increase in a year at 12.7 percent.

Other California cities covered by the 20-city index outpaced San Diego. San Francisco was up 10.1 percent in a year and Los Angeles up 8.3 percent.

All cities covered in the index experienced gains, which experts attribute to a strong economy and limited home supply.

“With expectations for continued economic growth and further employment gains,” wrote David Blitzer, managing chairman of the Index Committee at S&P Dow Jones Indices, “the current run of rising prices is likely to continue.”

Blitzer said year-over-year national increases for the last 70 months compares to a previous run from January 1992 to February 2007. That time period represented 182 months of national increases, when prices averaged a 6.1 percent gain annually.

The indices evaluate home prices by more than just price, tracking repeat sales of identical single-family houses as they turn over through the years. Prices are adjusted for seasonal swings. The San Diego median home price in February for a resale single-family home was $580,000, said CoreLogic.

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