San Diego home prices went up the third fastest in the nation in September and appreciated at a pace not seen in more than six years.
Prices in the San Diego metropolitan area were up 9.5 percent annually, the S&P CoreLogic Case-Shiller Indices reported Tuesday. The acceleration is still not near housing boom levels when, in July 2004, prices were up 33.37 percent in a year.
Only Phoenix, up 11.4 percent, and Seattle, up 10.1 percent, saw prices go up faster in September. But all markets covered in the 19-city index were up, even places like New York and San Francisco, that saw price gains slow considerably since the start of the COVID-19 pandemic.
Zillow economist Matthew Speakman said price gains are the result of mortgage rates at record lows and a lack of homes for sale nationwide. He said competition for homes has put upward pressure on prices for