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.
The body of a man was found near a burned Ramona home Sunday after a resident of the home was unaccounted for after flames fully engulfed the structure on Saturday, authorities said. Deputies couldn't immediately say if the man who was found was the unaccounted-for resident.
The latest storm to hit San Diego is making for a beautiful scene in our local mountains with plenty of fresh snow that brought out lots of visitors this weekend.
Professional football is back in San Diego for the first time in more than two years. The San Diego Fleet's first ever home game against the Atlanta Legends got underway Sunday evening at SDCCU stadium.
An hours-long standoff ended Sunday afternoon after a man barricaded himself in a Poway building for much of the morning and early afternoon.
The San Diego County Women's Hall of Fame will induct five local women for their life's achievements next month, the organization announced Sunday.
San Diego police on Saturday released the names of the SWAT officers involved in a shooting and a standoff in Paradise Hills early on Valentine's Day.
Following a series of low pressures, a stronger, colder system on Sunday will bring a chance of snow to San Diego mountains.
The U.S. Navy commissioned its newest combat ship on Saturday, the USS Tulsa, which eventually will be docked in San Diego.
More than 150 current and former service members and their families gathered on the USS Midway on Saturday morning.
Dozens of people on Saturday fell victim to a brunch scam that was supposed to take place at the Del Mar Fairgrounds.