SAN DIEGO (CNS) - San Diego home prices rose 0.9 percent between July and August, and increased 7.8 percent from August of last year, according to the latest Standard & Poor's CoreLogic Case-Shiller Indices that were released Tuesday.
The annual increase was the third-largest among the 20 major real estate markets tracked by S&P.
The indices were created by taking the price of homes in those cities in January 2000, assigning them a value of 100, and tracking their subsequent rise and fall.
In August, San Diego's mark was at 245.55, representing a home value increase of nearly two and a half times over nearly 18 years. Prices have risen at a greater rate only in Los Angeles.
The 20-city index stood at 202.87 in August, up 0.4 percent for the month and 5.9 percent on an annual basis.
David Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices, pointed out that the jump in housing prices has outstripped inflation and costs of other goods and commodities, with only oil coming close.
"The ongoing rise in home prices poses questions of why prices are climbing and whether they will continue to outpace most of the economy," Blitzer said. "Currently, low mortgage rates combined with an improving economy are supporting home prices."
He said the price gains aren't just a rebound from the financial crisis because they're reaching all-time highs nationally and in many individual markets.
However, affordability -- long a problem in San Diego and the rest of California -- is beginning to slip nationally, shrinking the pool of prospective buyers, according to Blitzer. He also said that mortgage rates will eventually follow moves by the Federal Reserve to boost interest rates.
Inmates at Las Colinas Detention and Re-Entry Facility in Santee are getting their hands dirty as part of the Fresh Start Farms program – which helps women learn valuable job skills before they are released.
A red flag warning will be in effect from 3 a.m. to 10 p.m. Friday for San Diego County mountains and inland valleys as Santa Ana winds make a return to the region – combining low humidity levels and warm temperatures to create the potential for dangerous, wind-driven wildfires.
Have you ever moved to a new city and had trouble meeting friends, or maybe, you just wanted to make new ones?
A man who allegedly murdered the proprietor of an East Village flooring-materials store at the victim's downtown business while wearing a Halloween-style old-lady mask is in custody, facing charges of murder and robbery. San Diego police reported Thursday.
An unidentified man sneaked into an East County home early Thursday and sexually assaulted a 7-year-old girl, authorities reported.
Several News 8 viewers contacted the newsroom after a story about the problems with the homeless in El Cajon on aired on Wednesday.
Authorities reached out to the public Thursday for information about an Egyptian man who was found dead under potentially suspicious circumstances in the ocean off the coast of Mission Beach.