There are already many reasons to call San Diego home. From the temperate year-round climate, to the miles of gorgeous sandy beaches, to the celebrated amusement parks, zoos and attractions, to the world-class restaurants and exciting nightlife, there are a myriad of reasons why San Diego is one of America’s most appealing cities.
Well, if you live or are looking to buy or sell a home in the San Diego area, now there is one more reason to celebrate. This beautiful coastal city in Southern California was one of only three areas in the US housing market to recently show a gain in home values. This according to the S&P/Case-Shiller Home Price Index, which tracks these changes in housing markets across the country.
This closely-watched nationwide report revealed that local home values showed an increase of 0.2 percent from January to February, 2012. This is the first increase in the past six months. So whether you are in the market for a Spanish style bungalow with a pool and hot tub, a condo close to shopping and the best restaurants, or a three-story beachfront mansion with tennis courts and ocean views, now’s the time to get in on the action. San Diego is hot and only getting hotter!
Joining San Diego on the short list of those markets seeing gains are Phoenix, Arizona with a 1.2 percent increase, and Miami, Florida, with an increase of 0.6 percent.
This gain is even better news to San Diegans, who saw prices drop by almost four percent only one year ago. At that time, they joined 14 other major metro areas that saw declines in the index.
The worst news fell on Atlanta, whose home prices fell 17.3 percent last month compared to a year ago. The index listed nine other metro areas facing new lows in their markets, including Atlanta, Charlotte, Chicago, Cleveland, Las Vegas, New York, Portland, Seattle, and Tampa.
What’s behind these low prices? In certain categories, large increases in sales are to blame. Resales of single-family homes, which represents the biggest allotment of total sales, saw a rise of close to 10 percent from a year ago. But the average price of a single-family home decreased more than 4 percent, to $350,000, during that same period of time.
Industry leaders say that historically low rates for mortgages coupled with far lower than normal prices in many areas can be blamed for the effect on sales.
The S&P/Case-Shiller Home Price Index captures data about the changes in home values across the country and specifically in 20 major metro areas. The index is tallied every month and has a two-month delay. The researchers involved with the index track repeat sales, meaning that when a piece of property is sold, they then return to that property to determine what it sold for in the past.
The secret is out: San Diego is not only a sunny and inviting destination all on its own, it is now also one of the brightest spots in the US housing market.
For more information on great San Diego and Rancho Santa Fe Homes, contact Lucy Kelts for a no-pressure real estate consultation.