San Diego home prices climb

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SAN DIEGO — Home prices in San Diego rose 0.6 percent between August and September, and are up 6.6 percent since September 2014, according to the Standard & Poor’s Case-Shiller Home Prices Indices released Tuesday.

The monthly rise was one of the fastest among 20 large real estate markets included in the indices, while the annual climb ranked seventh.

The indices were created by taking the cost of housing in each market in January 2000, assigning them a value of 100, and tracking the subsequent rise and fall.

San Diego’s mark in September was 216.62, reflecting more than a doubling of home prices in nearly 16 years. The rate of increase is the nation’s second fastest behind Los Angeles.

Nationally, the 20-city index stood at 182.91 in September, up 0.2 percent for the month and 5.5 percent for the year. A separate 10-city index was at 197.84, also 0.2 percent higher than August and 5 percent more than September 2014.

“Home prices and housing continue to show strength with home prices rising at more than double the rate of inflation,” said David Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices. “The general economy appeared to slow slightly earlier in the fall, but is now showing renewed strength.”

He said the an increase in the federal funds rate by the Federal Reserve would probably have only a minor impact on mortgage rates faced by consumers.