S&P: San Diego home prices continue to rise - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

S&P: San Diego home prices continue to rise

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SAN DIEGO (CNS) - Home prices in San Diego rose 0.9 percent from April to May, and 6.4 percent since May of last year, according to the Standard and Poor's CoreLogic Case-Shiller Home Price Indices released Tuesday.

The annual gain was the eighth largest among the 20 major real estate markets tracked by Case-Shiller.

The indices, renamed today to include CoreLogic, were created by taking the cost of housing in those cities in January 2000, assigning them a value of 100, and tracking their subsequent rise and fall.

In May, San Diego's index stood at 225.06, representing more than a doubling of home values over 16 1/2 years. The climb in housing prices in San Diego is the third-fastest in the U.S., behind only Los Angeles and San Francisco.

The national 20-city index in May was 188.29, up 0.9 percent for the month and 5.2 percent for the year, according to S&P.

"Home prices continue to appreciate across the country," said David Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices.

"Overall , housing is doing quite well," Blitzer said. "In addition to strong prices, sales of existing homes reached the highest monthly level since 2007 as construction of new homes showed continuing gains."

Over the past year, the price of housing has increased the fastest in Portland, 12.5 percent, and Seattle, 10.7 percent.

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