San Diego had the fourth highest price gains in the nation in November, said a key real estate index released Tuesday.
The region’s home prices rose 7.4 percent in a year, said the S&P CoreLogic Case-Shiller Indices. Only Seattle, Las Vegas and San Francisco had bigger increases in the 20-city index.
San Diego had been in the top three cities for increases since August, representing a substantial rise in prices in 2017.
Price increases are rising throughout the nation, overall rising three times faster than the rate of inflation, as experts point to a lack of supply as the main factor.
“Since we have such historically low inventory, that has really caused prices to go up,” said Cheryl Young, senior economist at Trulia. “(At the same time) wages are growing, job growth is pretty strong and mortgage interest rates are very low.”
She said prices would likely continue to increase because the number of new homes built in 2018 is not likely enough to meet demand.
San Francisco had the biggest yearly price increase in California, 9.1 percent, but San Diego outpaced Los Angeles, which had a 7 percent yearly increase.
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