Home prices in the San Diego-Carlsbad area rose at the same measured pace as prices across the country in November, a sign that demand remains weak as many buyers have been priced out of the market.
Real estate provider CoreLogic says nationwide prices increased 5.5 percent in November compared with 12 months earlier. That was up slightly from October’s year-over-year increase of 5.4 percent, which was revised downward from a previously reported 6.1 percent.
In San Diego-Carlsbad, home prices also increased 5.5 percent in November compared with the previous year, and remained the same as the previous month. Excluding distressed sales, year-over-year prices increased year-over-year by 4.7 percent in November.
In California, the home price index increased by 7.6 percent over the previous 12 months, and rose 7 percent when distressed properties were excluded.
CoreLogic projects that price growth will remain mild in 2015 as the U.S. real estate market continues to recover from the lows reached after the Great Recession. Nationwide, home prices remain 12.9 percent below their April 2006 peak. Over the next 12 months, CoreLogic expects thathome values will rise 4.6 percent.