San Diego Home Prices Continue to Rise

According to the San Diego Union Tribune, home prices were up 6.9 percent in January over the last 12 months in San Diego County, said the S&P/Case-Shiller Home Price Index released Tuesday.

From December to January, the median home price in San Diego County, adjusted for seasonal variation, increased 1.1 percent, beating the national average by 0.6 percent.

David Blitzer, managing chairman of the Index Committee at S&P Dow Jones Indices, said in the report that home prices nationally continue to climb at more than twice the rate of inflation. But, housing supply is still a major issue.

San Diego had the lowest drop in home inventory, 30.2 percent, in the nation from January 2015 to January 2016, real estate tracker Zillow said.

Zillow chief economist Svenja Gudell said in a statement Tuesday that besides low inventory and problems for first-time buyers, the latest numbers pointed to a healthy economy.

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