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Housing Prices Slip Slightly Compared to 2011, Report Shows

But prices improved when comparing May to June sales this year and one expert says the market might finally be on the right path.

Area housing prices were mixed in the latest Standard & Poor's Case-Shiller Housing Price Indices, but the national real estate trend is improving.

Local sales prices were up 1.1 percent in June compared to May. However, the prices were down 0.2 percent from June 2011, making San Diego among just six of 20 markets around the U.S. to post a losing annual figure.

The Case-Shiller Indices set housing prices in the cities in January 2000 at 100 and tracked their subsequent rise or fall. San Diego's mark this past June was 154.76 – a nearly 55 percent appreciation in value over a dozen years, fourth highest in the nation.

The 20 markets tracked by the indices nationally averaged out at 142.21 in June, an increase of 2.3 percent over the previous month and a jump of 0.5 percent for the year. Three indices put out by Case-Shiller were all up in June for the first time in two years.

“We seem to be witnessing exactly what we needed for a sustained recovery –monthly increases coupled with improving annual rates of change," said David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices. “The market may have finally turned around.”

Donna Sanfilippo, president of the San Diego Association of Realtors Board of Directors, said the report was encouraging.

“A lot of potential buyers have been reluctant to list their home because the market has favored buyers, but the numbers show this is a seller's market, too,” Sanfilippo said. “SDAR believes today's news will eventually bring more inventory to the market, which is good news for everyone because inventory levels have been low this year.”

Only Atlanta, Detroit and Las Vegas have housing prices below their January 2000 starting points.

 

– City News Service

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