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S&P/Case-Shiller: SD home prices jumped 9.2% in 2012

San Diego home prices increased 9.2 percent in 2012, according to the S&P/Case-Shiller Home Price Indices.

The national composite posted an increase of 7.3 percent for 2012. The 10- and 20-city composites reported annual returns of 5.9 percent and 6.8 percent in 2012. Month-over-month, both the 10- and 20-city composites moved into positive territory with gains of 0.2 percent; more than reversing the previous month's losses.

San Diego home prices increased 0.4 percent in December from November. Accounting for seasonal adjustments, home prices increased 1.1 percent in December from November in San Diego.

In addition to the three composites, 19 of the 20 MSAs posted positive year-over-year growth; only New York fell.

"Home prices ended 2012 with solid gains," says David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices. "Housing and residential construction led the economy in the 2012 fourth quarter. In December's report, all three headline composites and 19 of the 20 cities gained over their levels of a year ago. Month-over-month, nine cities and both composites posted positive monthly gains. Seasonally adjusted, there were no monthly declines across all 20 cities.

“Atlanta and Detroit posted their biggest year-over-year increases of 9.9 percent and 13.6 percent since the start of their indices in January 1991. Dallas, Denver and Minneapolis recorded their largest annual increases since 2001. Phoenix continued its climb, posting an impressive year-over-year return of 23.0 percent; it posted eight consecutive months of double-digit annual growth.”

As of the fourth quarter of 2012, average home prices across the United States are back at their autumn 2003 levels. At the end of the fourth quarter of 2012, the national index was down 0.3 percent over the third quarter of 2012 and 7.3 percent above the fourth quarter of 2011.

As of December 2012, average home prices across the United States for the 10-city and 20-city composites are back to their autumn 2003 levels. Measured from their June/July 2006 peaks, the decline for both composites is approximately 30 percent through December 2012. For both composites, the December 2012 levels are approximately 8-9 percent above their recent lows seen in March 2012.

In December 2012, nine MSAs and both composites posted positive monthly gains, led by Las Vegas with an increase of 1.8 percent. Eleven cities declined with Chicago posting the largest negative monthly return of 0.7 percent.

Atlanta and Detroit remain the only three cities with average home prices below their January 2000 levels. Detroit is 20 percent below its January 2000 level.

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