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2017-02-06 10:17:08
National Housing Index Hits New Peak

Prices in San Diego County’s housing market in November 2016 outpaced the rest of the nation and California. 

Adjusted for seasonal variation, the San Diego regional index of home prices was up 5.8 percent in November compared to a year ago. The nationwide increase was 5.6 percent, setting an all time high in three consecutive months. The Los Angeles index rose by 5.5 percent and by 5.3 percent in San Francisco. 

Recent gains show it could end the boom-bust cycle that began about 12 years ago. The recovery has been supported by a few economic factors: low interest rates, falling unemployment, and consistent gains in per-capita disposable personal income.

Seattle had the biggest increase in the index at 10.4 percent. It was followed by Portland at 10.1 percent and Denver at 8.7 percent. The weakest gains were in Washington, D.C., at 3.7 percent and New York at 2.4 percent.

While San Diego showed higher gains than the rest of the state, it still has slowed compared to the start of the year. In January, the index was up 6.9 percent year over year. It began to by the end of the summer, hitting 5.3 percent in September. 

There’s some indication the index could fall more heading into 2017. Rent growth flattening out could have an impact on home prices in the coming months. Slower rental growth may take some of the heat off those renters thinking of buying just to escape the volatility of steep annual rent hikes, potentially leading to a softening in demand.

A change in rent growth could lead to a slowdown in apartment and condo construction and boost single-family home building. In San Diego County, single-family home construction has slowed considerably with just 1,545 new homes predicted to open this year. The median home price in San Diego County was $495,000 in December.

Source: The S&P CoreLogic Case-Shiller Home Price Indices are the leading measures of U.S. residential real estate prices, tracking changes in the value of residential real estate both nationally as well as in 20 metropolitan regions.

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