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SD home prices up 4.1% in September from 2011

Home prices in San Diego are up 4.1 percent in September from September 2011, according to the S&P/Case Shiller Home Price Indices. Average home prices in San Diego were up by 1.4 percent in September from August 2012.

The national composite was up 3.6 percent in the third quarter of 2012 versus the third quarter of 2011, and was up 2.2 percent versus the second quarter of 2012. In September 2012, the 10- and 20-City Composites showed annual gains of 2.1 percent and 3.0 percent. Average home prices in the 10- and 20-City Composites were each up by 0.3 percent in September versus August 2012.

“Home prices rose in the third quarter, marking the sixth consecutive month of increasing prices,” said David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices. “We are entering the seasonally weak part of the year. The headline figures, which are not seasonally adjusted, showed five cities with lower prices in September versus only one in August; in the seasonally adjusted data the pattern was reversed: one city fell in September versus two in August. Despite the seasons, housing continues to improve.”

Measured from their June/July 2006 peaks, the decline for both composites is approximately 29 percent through September 2012. For both composites, the September 2012 levels are approximately 9 percent above their recent lows seen in March 2012.

In September 2012, 13 MSAs and both composites posted positive monthly gains. Home prices in Tampa and Washington, D.C. saw no change from August to September. Boston, Charlotte, Chicago, Cleveland and New York saw a slight drop in prices in September. Phoenix recorded the highest increase in annual rate, up 20.4 percent from its September 2011 level. Chicago and New York were the only two cities that fared worse year-over-year with respective annual declines of 1.5 percent and 2.3 percent. Atlanta, Detroit and Las Vegas remain the only three cities with average home prices below their January 2000 levels. Detroit is nearly 20 percent below its January 2000 level.

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