Local home prices post 12% annual gain

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house moneySAN DIEGO — Home prices in San Diego rose 12.1 percent between March 2012 and the same month this year, according to Standard & Poor’s Case- Shiller Home Price Indices released Tuesday.

The jump was part of an overall rise in the indices over the past year, in which housing prices climbed 10.9 percent in a list of the 20 largest real estate markets in the U.S., and 10.3 percent in the 10 largest cities.

The indices took housing prices in January 2000, assigned them a value of 100, and tracked their subsequent rise and fall.

San Diego stood at 167.84 in March, which represents an appreciation of nearly 68 percent in 13 years. The prices in only Washington, D.C., and Los Angeles have gone up faster.

“Home prices in all 20 cities posted annual gains for the third month in a row,” said David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices. “Twelve of the 20 saw prices rise at double-digit annual growth. The National Index and the 10- and 20-City Composites posted their highest annual returns since 2006.”

Other housing market data released in recent weeks confirm the improvement in the residential real estate business, he said.

Major price gains over the past year also took place in Phoenix, 22.5 percent; San Francisco, 22.2 percent; and Las Vegas, 20.6 percent.

Atlanta and Cleveland are the only markets still below their January 2000 starting points, according to the indices.

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