County home prices up nearly 15%

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Home soldSAN DIEGO – Housing prices in San Diego County were up 14.7 percent in April compared to April 2012, according to the Standard and Poor’s Case-Shiller Home Prices Indices released Tuesday.

Home prices rose 3.7 percent March to April, according to the report.

The indices took the price of housing in 20 major real estate markets in January 2000, assigned them a value of 100, and tracked their rise and fall.

San Diego’s index figure in April stood at 174.08, reflecting a 74 percent appreciation over more than 13 years. The climb is the third fastest in the nation, behind Washington, D.C., and Los Angeles.

The 20-city index was at 152.37 in April, a 12.1 percent increase over the past year. A 10-city index was at 165.63, up 11.6 percent.

“The 10- and 20-City Composites posted their highest monthly gains in the history of S&P/Case-Shiller Home Price Indices,” said David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices. “Thirteen cities posted monthly increases of over two percentage points, with San Francisco leading at 4.9 percent.”

He said the recovery is broad based, with some of the largest annual gains in seven years.

“Last week’s comments from the Fed and the resulting sharp increase in Treasury yields sparked fears that rising mortgage rates will damage the housing rebound,” Blitzer said. “Home buyers have survived rising mortgage rates in the past, often by shifting from fixed rate to adjustable rate loans.”

A recent survey showed that some banks are easing credit restrictions, which should help the recovery continue, he said.

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