The Morning Report
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San Diego County home prices rose 11.7 percent in April compared to same time last year. And prices were up 0.7 percent between this March and April, the 12th in a string of consecutive monthly price increases since prices hit a low last spring.
The numbers out this morning from the Standard & Poor’s/Case-Shiller home price index show the one of the last months of the scramble for the federal homebuyer’s tax credit. The analysts behind the index noted that though many metropolitan areas around the country showed these kinds of increases in April, this morning’s report concluded that nationally, “home prices do not yet show signs of sustained recovery.”
San Diego was the only market out of the 20 the index measures that did not dip negative in the winter months.
From the peak in November 2005, prices fell 42 percent to reach the market low in April 2009. Now they’ve roared back to a slighter 30.62 percent off the peak.
San Diego County prices are still 61 percent higher than they were in January 2000.
Broken down by price tier, the index showed across-the-board increases compared to the month before and compared to the same month a year ago:
* Low tier (under $312,669): Prices were up 14.5 percent compared to April 2009, and up 1 percent from March.
* Middle tier (homes priced $312,669 to $467,814): Prices were up 8.9 percent compared to April 2009, and up 0.5 percent from March.
* High tier (homes priced over $467,814): Prices were up 8.3 percent compared to April 2009, and up 0.3 percent from March.
Update: Due to a math error, this post previously incorrectly stated the amount by which the high tier rose from March to April. I regret the error.
Also, while the motivation of the federal tax credit would show up in April’s numbers to some degree, the last possible month for buyers to close on their deals and still receive the credit is June.
— KELLY BENNETT