Comeback for California Housing Prices

Prices jumped about 8 percent in LA and San Diego, 13 percent in San Francisco, according to the latest S&P/Case-Shiller index

Heralding continued strength in the housing market locally and nationwide, home prices in major California cities jumped considerably year-over-year, according to data released Tuesday.

In Los Angeles, prices jumped 7.7 percent in November when compared to the previous year, the S&P/Case Shiller Home Price Index showed.

Prices in San Diego rose 8 percent over the previous year, and in San Francisco they jumped nearly 13 percent, the index showed. On a monthly basis, LA prices rose 0.4 percent from October to November. San Diego homes were up 0.9 percent during that period, and San Francisco up 1.4 percent.

The California cities were among a number of metropolitan areas nationwide where residential property posted significant gains in November, the most recent full month for which sales information is available.

The biggest improvement came in Phoenix, where home prices went up 22.8 percent.

Despite the gains in many cities, it was clear that the market still struggled in some places. Prices in New York fell 1.2 percent in November 2012 over the prior year, and 1.1 percent over the previous month.

Prices also slipped in Chicago and Boston when examined on a month-to-month basis, although both cities showed modest gains year-over-year.


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