Home prices up 17% from year ago

Home prices up 17% from year ago

San Diego home prices are lingering at a 5-year high as other major U.S. metro areas also are seeing rapid price gains and record numbers, shows Tuesday’s S&P Case-Shiller Home Price Index.

This may be welcoming news for underwater homeowners anxiously waiting for real estate prices to pick back up. Conversely, recent price hikes have been threatening affordability for certain would-be buyers.

Local values rose 17 percent in May from a year ago, which sends prices to April 2008 levels. May’s recording marks the fourth consecutive month of double-digit annual percentage increases for San Diego County, among the the cities that saw the strongest year-over-year gains in May. (The index has a two month lag.)

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