Housing starts in May nationwide are near a 30-year low. As is the case in San Diego, the national composite home price index remains below levels seen in April 2010.
It is much too early to tell if this is a turning point or simply due to some warmer weather.”īlitzer noted that some housing trends remain troubling. “However, the seasonally adjusted numbers show much of the improvement reflects the beginning of the spring-summer home buying season. “April’s numbers beat March,” said David Blitzer of Standard and Poor’s. Prices rebounded in April over March in 13 of the 20 cities that make up the key S&P Case-Shiller housing index. Nationally, the picture was much the same as in San Diego. While the gain is small, it reverses a string of months where local housing prices had mostly declined. The Standard & Poor’s, Case-Shiller Home Price Index showed San Diego home prices rose 0.4 percent from March to April. "I think the only encouragement we can gain out of it is it didn't have a big decline." "What we're seeing is pretty flat house prices," said Gary Painter, a USC professor and director of research at the university's Lusk Center for Real Estate. So news that prices actually increased in April is seen as positive. Still, the trend of falling prices – coupled with continued high unemployment and a weak economic recovery - has raised concerns about lingering weakness in the housing market. Last spring, a federal tax break for first time home buyers expired, and that clearly has played a role in the year-over-year price declines, say industry experts. April prices locally were roughly equivalent to August/September of 2009. San Diego home prices remain 4.3 percent below levels seen in April 2010. Home prices in San Diego stopped their slide in April after falling seven of the prior eight months, thanks mostly to the start of the summer home buying season.īut the local housing market still doesn’t appear to be on solid footing, according to a widely watched housing index. View the report: S&P/Case-Shiller Home Price Indices (XLS) Read the story: Poll: Do you think the housing market has hit bottom?
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