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San Diego's home values jumped 12.4% from May of last year to this May, according to Case-Shiller data released this morning (July 27) by Standard & Poor's. The only market which did better on a year-over-year basis was San Francisco, up 18.3%. Minneapolis was up 11.6% and Los Angeles 9.7%. Values in 7 of the top 20 metro areas continued to fall; Las Vegas was down 6.5%. The overall index for the top 20 markets rose 4.6%. San Diego's home prices are now down 34.8% from the November, 2005 peak. S&P economist David Blitzer cautioned that the homebuyers' tax credit still positively affected the numbers; it had some effect on purchases that closed through June 30. "We need to watch where the housing markets will go after these temporary stimuli go away," said Blitzer. "Since reaching its recent trough in April 2009, the housing market has really only stabilized at this lower level...the housing market might bounce along the bottom for the foreseeable future."
San Diego's home values jumped 12.4% from May of last year to this May, according to Case-Shiller data released this morning (July 27) by Standard & Poor's. The only market which did better on a year-over-year basis was San Francisco, up 18.3%. Minneapolis was up 11.6% and Los Angeles 9.7%. Values in 7 of the top 20 metro areas continued to fall; Las Vegas was down 6.5%. The overall index for the top 20 markets rose 4.6%. San Diego's home prices are now down 34.8% from the November, 2005 peak. S&P economist David Blitzer cautioned that the homebuyers' tax credit still positively affected the numbers; it had some effect on purchases that closed through June 30. "We need to watch where the housing markets will go after these temporary stimuli go away," said Blitzer. "Since reaching its recent trough in April 2009, the housing market has really only stabilized at this lower level...the housing market might bounce along the bottom for the foreseeable future."