Home price index shows slight drop in SD

City News Service

San Diego housing prices in February fell 1.3 percent compared to the previous month, according to the Standard & Poor's Case-Shiller Home Price Index released Tuesday.

San Diego had been one of the bright spots among the 20 metropolitan areas covered by S&P, but February prices also dropped 1.8 percent compared to February 2010, according to the report.

Only seven of the 20 cities fared worse than San Diego in the monthly change, but San Diego was better off than most of the other metro areas in the annual statistics.

Overall, the only uptick in the report was an annual increase of 2.7 percent in Washington, D.C.

"There is very little, if any, good news about housing,'' said David Blitzer, chairman of the S&P Index Committee. "Prices continue to weaken, trends in sales and construction are disappointing.''

The Case-Shiller Index measures the growth of housing prices with an index in which the real estate costs in 20 markets were set at 100 in January of 2000. The changes up or down are then tracked monthly.

In the 11 years since, San Diego's figure has climbed from 100 to 155.05, trailing only Washington, D.C., Los Angeles and New York.

By comparison, Atlanta, Cleveland, Detroit and Las Vegas are under 100.

"Recent data on existing-home sales, housing starts, foreclosure activity and employment confirm that we are still in a slow recovery," Blitzer said.

He said sales and housing starts rose in March but remain close to recent lows and foreclosures have dropped a little but are still near historic highs.

   
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