According to the Standard & Poor’s report that was released on Tuesday, San Diego and LA Counties were the only two of all the metropolitan cities to have price increase on their homes over the past year. The Standard & Poor’s Case-Shiller Home Price Indices tracks residential real estate costs in 20 major housing markets, including San Diego and Los Angeles, at a baseline of 100 set in January 2000, and without listing an actual average housing price.
The national figures covering the 20 major metropolitan areas were a monthly drop of 0.4%, a yearly decline of 0.7% and a 10 year appreciation of 45%.The monthly increase in San Diego was 0.4%, and from January 2009 to January 2010 the prices jumped 5.9%. San Diego’s pricing index of 156.95 is a reflection of the appreciation in value of nearly 57% in the past 10 years. In Los Angeles the monthly jump was 0.9%, and the annual increase was 3.9%. The Los Angeles pricing index is currently at 172.92, showing an appreciation of 73% over the past 10 years.
While things are looking up for San Diego and LA Counties, there is still concern for the housing market. From year to year homes continue to appreciate in value for all 20 major metropolitan cities, but the rebound in housing prices is not happening as quickly as one may hope. The number in home sales shows that the real estate market is still difficult, and there continues to be worry about the amount of current foreclosures as well as possibility of future ones.
Nick Alameddin
Broker
C 760.802.4166
F 858.455.0100
DRE License #01426515
If you know anyone looking to sell or buy a home, please e-mail me their name & phone number. I will gladly get them a great deal and provide them bar none service.
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