San Diego home-price gains remain below US average

Home prices were up 2.3 percent annually in the San Diego metropolitan area as of August, said the S&P CoreLogic Case-Shiller Indices released Tuesday.

The gain was part of a continued reversal of fortunes for San Diego since mortgage interest rates started to drop. For months, the metro area was at the bottom of the 20-city index. Still, at the same time last year, San Diego home prices were up 4.9 percent annually.

Price gains have slowed nationwide, up 3.2 percent in a year, with analysts saying it could be a reflection of increases returning to historic norms after years of substantial growth coming out of the Great Recession.

Lower-cost markets have seen the biggest gains in the index. Phoenix home prices were up 6.3 percent in a year. It was followed by Charlotte at 4.5 percent and Tampa at 4.3 percent.

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