With San Diego in the lead, U.S. home prices reached another record level in March, according to the authoritative Case Shiller Index released Tuesday.
The average U.S. home price rose 1.3% in March following a 0.7% increase in February and was up 6.5% over the past 12 months.
But in San Diego, prices were up 2.2% in March after 1.7% in February and over 11% in the past year.
“This month’s report boasts another all-time high,” says Brian D. Luke of S&P Dow Jones Indices. “We’ve witnessed records repeatedly break in both stock and housing markets over the past year.”
“San Diego stands out with an impressive 11.1% annual gain, followed closely by New York, Cleveland, and Los Angeles, indicating a strong demand for urban markets,” he said.
Prices grew slightly faster in San Francisco and Seattle than in San Diego in March, but those cities’ real estate markets has fallen further, and San Diego remains far ahead over the past 12 months.