If you are looking to buy a home in San Diego any time soon, then you might not be thrilled to find out about the recently released Standard & Poor's Case-Schiller Home Prices Indices last Tuesday, Times of San Diego reports.
According to the indices result, there is 0.6 percent rise in the prices of homes in San Diego between the months of August and September, and since September of 2014, this brings to a total increase of 6.6 percent.
Given the rate of the rise in a month, it is already considered as one of the fastest among other 20 large real estate markets which were also included in the indices, and its annual climb is at the seventh rank.
In order to make the indices, they take the cost of housing in each market in January 2000, giving them an assigned value of 100, and keeping track of the succeeding rise and fall.
During the month of September, San Diego was marked at 216.62, which reflects how the home prices have doubled in a span of 16 years. This rate is considered the second fastest just behind Los Angeles in the whole country.
The 20-city index is at 182.91 in September when looked at nationally, and it is up by 0.2 percent for the month and 5.5 percent for the year. The 10-city separate index was at 197.84 which is higher by 0.2 percent compared to August and up 5 percent more than September 2014.
"Home prices and housing continue to show strength with home prices rising at more than double the rate of inflation," said David Blitzer, managing director and vhairman of the Index Committee at S&P Dow Jones Indices. "The general economy appeared to slow slightly earlier in the fall, but is now showing renewed strength."
According to Blitzer, an increase in federal funds rate by the Federal Reserve shouldn't have that much of an impact on the consumer mortgage rates.
