Home values in San Diego and Carlsbad continued their rise in July, gaining 5.2 percent over the past year, as home prices appreciated 6.9 percent nationwide, according to a report from CoreLogic.
San Diego home prices rose 1.1 percent from June to July, while national prices were up 1.7 percent during the same time period, the 41st consecutive monthly increase. CoreLogic’s figures factored in distressed sales, including short sales and real estate-owned transactions.
Only Colorado saw more than 10 percent growth, with 10.4 percent, while Massachusetts and Mississippi were the only states to see values fall at -2.1 percent and -0.8 percent, respectively.
"Low mortgage rates and stronger consumer confidence are supporting a resurgence in home sales of late," CoreLogic CEO Anand Nallathambi said. "Adding to overall housing demand is the benefit of a better labor market which has provided millennials the financial independence to form new households and escape ever rising rental costs."
Home values are down 6.6 percent from their housing bubble peak in April 2006.