The increase was reported in Standard & Poor's/Case-Shiller index. The increase of just under 0.5% followed a change in the trend across the nation which also reported an increase in home prices for the first time in 3 years.
Vice president of S&P's index services, Maureen Maitland states cautiously that we may be on the way to recovery. Citing that home prices tend to be seasonal, further months of pricing increases need to be seen to gain confidence in a solid turn around.
The Case-Shiller index reported home prices in San Diego are down just under 19% from 2008, demonstrating the smallest decrease since January of last year.
The index covers 20 cities and has lost more than thirty-two percent since hitting its highest point of 206.52 just 3 years ago. Basically this means that current home prices are at what they were in 2003.
In San Diego home prices are about at the same level that they were in the summer months of 2002. They are off forty-two percent since the peak in November of 2005. The latest index reading for the area stands at 145.1
The Standard & Poor/Case-Shiller index measures the increases and decreases of home prices in relation to January 2000 pricing. The index base reading is 100. A reading of 150 means that prices went up fifty percent since the start of the index. The index tracks repeat sales of homes in a designated grouping in each market or city.
|
