Home prices in San Diego going up - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Home prices in San Diego going up

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SAN DIEGO (CNS) - Home prices in San Diego rose 0.3 percent between October and November, and climbed 6 percent since November of the previous year, according to data released Tuesday.

Both the monthly and annual increases were greater than corresponding national figures.

The Standard & Poor's Case-Shiller Home Price 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 figure in November was 216.3, representing more than a doubling of home values over the past 16 years.

The aggregate for the 20 markets in the index was 182.86, up 0.1 percent from October and 5.8 percent from November 2014.

David Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices, said the Case-Shiller indices are 4.8 percent short of their July 2006 peak, and 29.2 percent above their bottom in January 2012.

"Home prices extended their gains, supported by continued low mortgage rates, tight supplies and an improving labor market," Blitzer said. "Sales of existing homes were up 6.5 percent in 2015 vs. 2014, and the number of homes on the market averaged about a 4.8 months supply during the year -- both numbers suggest a seller's market."

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