San Diego home prices up 26% in a year, key housing index says

San Diego closed out 2021 with home prices up 25.9 percent in a year, near a record high.

The S&P CoreLogic Case-Shiller Indices reported Tuesday that San Diego metro had the fifth-highest price increases in the nation on an annual basis. The top markets were Phoenix, up 32.5 percent, and Tampa, up 29.4 percent.

San Diego metro, which includes all of the county, has seen big price increases before — but it has been a while since a runup in prices has lasted so long. Annual prices have increased at double-digit rates on a monthly basis since October 2020.

But nothing touched the record set in July 2004 when San Diego saw prices increase 33.4 percent in a year. The highest in 2021 was in July when the price increased 27.8 percent annually.

Nationwide prices were up 18.8 percent in a year, its highest in 34 years of data, with experts pointing to a surge in buying to end the year as mortgage rates rose. Similar to what has been reported by San Diego real estate agents, higher rates only pushed buyers to get off the fence before rates go up even more.

https://www.sandiegouniontribune.com/business/story/2022-02-22/san-diego-home-price

Ain't getting any cheaper in SoCal.