SAN DIEGO (CNS) - Home prices in San Diego rose 0.4 percent from December to January, and 6.9 percent since January 2015, according to the Standard & Poor's Case-Shiller Home Price Indices released Tuesday.
While the monthly gain was one of the highest among the 20 big cities in the index, the annual climb was tied for eighth as some markets experienced double-digit percentage increases.
The indices were created by taking the cost of housing in the nation's major real estate markets in January 2000, assigning them a value of 100, and tracking their subsequent rise and fall.
San Diego stood at 218.77 in January -- more than a doubling of home prices over 16 years. The climb was the second fastest in the United States, behind only the 241.61 of Los Angeles.
The national 20-city index was at 182.56, the same as the month before, but 5.7 percent higher than in the same month in 2015.
David Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices, said recent low inventories of available homes are slowing the move-up market for existing owners.
"While low inventories and short supply are boosting prices, financing continues to be a concern for some potential purchasers, particularly young adults and first-time home buyers," Blitzer said.
"The issue is availability of credit for people with substantial student or credit card debt," Blitzer said. "While rising home prices are certainly a factor deterring home purchases, individual financial positions are more important than local housing market conditions."
He said the number of construction starts of new single-family homes in February was the highest since November 2007.
A fiery multi-vehicle crash on state Route 163 near Miramar sent one person to a hospital Tuesday morning.
Tuesday is one of the cheesiest days of the year. Sept. 18 is the made-up holiday of National Cheeseburger Day, and restaurants are celebrating with discounts and free burgers.
Controversy swirled up again in Encinitas over a staircase project proposed for Beacon’s Beach. The city has long been looking to replace the iconic Switchback Trail leading to Beacon’s Beach with a concrete staircase but many residents are not embracing the idea.
Stretches of state Route 163 will be closed beginning Monday night and continuing through Friday morning for maintenance work and to reduce the height of the overpass at Friars Road, Caltrans announced.
Temperatures Tuesday are near average, continuing to cool through Friday. Gusty winds in the mountains and deserts from the afternoon through evening.
The 22-year-old man who was shot by sheriff's deputies near the ticket window of the Del Mar Thoroughbred Club was arraigned at his hospital bed at Scripps Memorial Hospital in La Jolla on Monday.
Japanese billionaire Yusaku Maezawa said Monday that he plans to blast off on the first-ever commercial trip around the moon and will invite six to eight artists, architects, designers and other creative people on the weeklong journey.
A U.S. citizen was indicted by a federal grand jury in San Diego Monday on charges of stealing nearly $100,000 in Social Security disability benefits by concealing his overseas residency for almost a decade.
A male east African black rhino that was once a resident of San Diego Zoo Safari Park has made quite a journey to help promote breeding of the critically endangered black rhino