The pace of U.S. home-price increases began to slow by mid-year but not in San Diego County, where values took their largest annual jump in more than eight years, the S&P/Case-Shiller Home Price Index showed on Tuesday.
San Diego home prices in June rose 19 percent from a year ago, which marks its largest year-over-year hike since March 2005. The latest data also shows San Diego is outpacing national home-price growth, which was 12 percent when tallying all 20 areas in the index.
This is often the storyline for supply-constrained counties like San Diego: A limited amount of land means a limited number of homes can be built, which tends to drive up prices, said Michael Lea, a real estate professor at San Diego State University.
"We have more land constraints than most other cities," Lea added. Similar areas include Los Angeles and San Francisco.
All 20 major metros in the Case-Shiller report showed price gains in June's report, but fewer cities saw faster growth this month than last month. In this report, six fit that bill. In the previous report, it was 10. Also, more than half of the areas in the index showed weaker month-to-month gains.
Provided by UT San Diego
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