By Jennifer Davies, UNION-TRIBUNE
Thursday, September 9, 2010 at 11:06 a.m.
San Diego home values increased by 7.8 percent in July — the largest year-over-year appreciation of the 125 metro areas surveyed — says a new report by Zillow.com, a real estate website.
On a monthly basis prices here, inched up just 0.9 percent. Nationally home values declined 0.2 percent from the previous month and were down 3.2 percent from July 2009. Out of 125 metropolitan markets Zillow surveyed, 85 saw negative year-over-year change in home values in July while 13 were flat. Along with San Diego 23 other markets saw a positive annual change. After San Diego, the metro areas with the largest year-over-year increases were Oklahoma City (6.6 percent), San Jose (6.3 percent), San Francisco (6.1 percent), Little Rock (5.8 percent), and Los Angeles (5.7 percent). The areas with the biggest annual declines were Bend (-22.3 percent), Miami-Fort Lauderdale (-16.9 percent), Ocala, Fla. (-16.2 percent), Lakeland, Fla. (-15.3 percent), Grand Junction, Colo. (-13.1 percent), Detroit (-12.9 percent), and Orlando (-12.9 percent).
Note that Zillow.com comes up with its home-value index by looking not only at homes that have sold but also at pending sales as well as homes that are currently not on the market. Some in the real estate industry are critical of the model because they aren’t convinced you can assign a value on a home that isn’t currently on the market.
Locally, the areas with the largest jumps in values were: Del Mar, up 17.1 percent to $1,434,500; Poway, up 13.5 percent to $518,100, and Santee, up 13.2 percent to $340,800. The areas with the largest annual depreciation in July were: Rainbow, down 14.6 percent to $353,900; Rancho Santa Fe down 9.8 percent to $1,918,700; Fairbanks Ranch down 9.5 percent to $2,417,000.
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