City News Service
Housing prices in the San Diego metropolitan area showed a slight increase in April compared to the previous month, but remain down over the past year, according to the Standard & Poor's Case-Shiller Home Price Indices released Tuesday.
The monthly increase in San Diego's index was 0.4 percent. Between April 2010 and April of this year, home prices are down 4.3 percent in the region.
The index set prices in each market at 100 in January 2000 and has since tracked the increase or decrease in housing costs since. San Diego's index is at 154.5, the fourth highest of the 20 regions followed by S&P.
Nationally, prices climbed in April for the first time in eight months.
"However, the seasonally adjusted numbers show that much of the improvement reflects the beginning of the spring-summer home buying season,'' according to David Blitzer, chairman of the S&P Index Committee. "It is much too early to tell if this is a turning point or simply due to some warmer weather.''
Blitzer said initial May figures show slight upticks in housing construction starts and sales of new homes.
Washington, D.C., New York and Los Angeles are the only markets with prices that have grown faster than San Diego in the past 11 years. Housing prices remain below the January 2000 starting point in Cleveland, Detroit and Las Vegas.