San Diego home prices increase compared to a year ago - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

San Diego home prices increase compared to a year ago

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SAN DIEGO (CNS) - Despite a recent dip in home prices, San Diego was among only four cities nationwide to record increasing prices between October 2009 and this past October, according to Standard & Poor's/Case-Shiller Home Price Index released Tuesday.

With all markets given a score of 100 in base year 2000, San Diego had an index score of 159.99 in October, representing a 3 percent increase compared to October 2009, according to the report.

The other cities where housing prices increased Los Angeles, San Francisco and Washington, D.C.

Nationwide, housing prices have been stalled for about five months, leading the head of the S&P Index Committee to worry over the possibility of slipping back into recession.

"The double-dip is almost here, as six cities set new lows for the period since the 2006 peaks," David Blitzer of S&P said. "There is no good news in October's report. Home prices across the country continue to fall."

Blitzer said sales of homes are down 25 percent in the U.S. since last year, the supply of unsold homes is up 50 percent and housing construction starts are near 30-year lows.

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