Home values in San Diego and Carlsbad rose 6.7 percent in December from the year before, as higher home values across the country appear to be spurring additional single-family home construction, according to a report Tuesday from CoreLogic.
CoreLogic’s Home Price Index, which measures home value appreciations, showed prices rose 6.3 percent nationwide since last December, including distressed sales. The national index is expected to rise another 5.4 percent by next December.
“Additional housing stock, especially in urban centers on the coasts such as San Francisco, could help to temper home price growth in the longer term,” CEO Anand Nallathambi said. “In the short- and medium-term, local markets with strong employment growth are likely to experience a continued rise in home sales and price growth well above the U.S. average.”