The pace of annual home price appreciation held steady in San Diego in March, the S&P Case Shiller Index showed Tuesday.
In March, resale single family home prices rose about 4.8 percent over the year, about a tenth of a percent faster than they did in February.
Over the last seven months, the pace has hovered between 4.6 and 5 percent. While that’s a far cry from the investor-led 20-percent plus annual appreciation in the summer of 2013, Beacon economist Jordan Levine said he considers the pace strong relative to historical norms.
“We had projected that prices would slow down a bit this year but I think the thing that we’re seeing is that the pace of inventory building hasn’t been as solid,” he said. “Demand is there but we haven’t added a lot of new supply commensurate with that demand.”
