San Diego County had the biggest home price increase in California in the last 12 months, a key real estate index showed Tuesday.
Adjusted for seasonal swings San Diego County and San Francisco’s median home price increased 6.4 percent in the last 12 months, according to the June S&P CoreLogic Case-Shiller Indices. That puts them at the top of price appreciation in the state. Los Angeles and Orange counties increased 5.3 percent.
Nationally, Portland had the biggest increase at 12.6 percent, followed by Seattle at 11 percent and Denver at 9.2 percent.
National home price gains, at roughly 5 percent, were unchanged from last month — similar to San Diego County’s year-over-year rate that has been at 6.4 percent since May.
“The data from the first half of 2016 is in, and thus far, the relentless sellers’ market we’re in the midst of shows few signs of reversing,” said Svenja Gudell, Zillow chief economist, in a statement. “The overall inventory of homes for sale is way down, national home values continue to rise and those homes that are available to buy are selling seemingly as soon as they hit the market.”
The rate at which prices in San Diego are increasing has stayed under 7 percent since January. Gone are the days of double-digit price increases in 2013 as home prices quickly recovered from the recession.
David Blitzer, managing chairman of the Index Committee at S&P Dow Jones Indices, said there were 654,000 nationwide single family home sales in July, the highest rate since November 2007.
“Nationally, home prices have risen at a consistent 4.8 percent annual pace over the last two years without showing any signs of slowing,” he wrote in June’s report. “Overall, residential real estate and housing is in good shape.”
The median home price in San Diego County was $495,000 in July, unchanged from June, CoreLogicreported two weeks ago. The Case-Shiller index goes beyond just home prices to track repeat sales of identical single-family houses as they turn over through the years.
In the last 12 months, the median home price in New York and Washington, D.C., increased 2 percent, the lowest increases in the nation.
Home price rises across the country were largely led by price increases in the south and west, the report said.
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