County home prices have doubled since 2000
SAN DIEGO — The cost of San Diego homes that sold in August increased 0.3 percent compared to July, and climbed 5.9 percent from the same month last year, according to the Standard & Poor’s Case-Shiller Home Price Indices.
The hikes were part of a widespread rise in home values around the country, according to S&P.
The indices were created by taking the price of housing in 20 major markets in January 2000, assigning them a value of 100, and tracking their subsequent rise and fall.
San Diego’s index stood at 215.4 in August, representing more than a doubling over 16 years. That’s the second-biggest rise in the U.S., trailing only Los Angeles.
The 20-city index stood at 182.47, up 0.4 percent from July to August, and 5.1 percent for the year. A 10-city index was at 197.37, 0.3 percent higher than the month before, and 4.7 percent larger than the same month last year.
“Home prices continue to climb at a 4 percent to 5 percent annual rate across the country,” said David Blitzer, the managing director and chairman of the Index Committee for S&P Dow Jones Indices. “Most other recent housing indicators also show strength. Housing starts topped an annual rate of 1.2 million units in the latest report with continuing strength in both single- family homes and apartments.”
The largest increases in home values over the one-year period through August were in Denver and San Francisco, both 10.7 percent; and Portland, 9.4 percent.