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The Case-Shiller Index for San Diego was flat for the last three months of 2014.

But when rates dropped back into the 3.50% to 3.75% range in January, the market surged and both sales and prices picked up.

Here are the San Diego readings for 2015:

Month
M-o-M chg
Y-o-Y chg
January
+0.6%
+5.0%
February
+0.7%
+4.6%
March
+1.2%
+4.6%

The Case-Shiller Index is a lagging indicator, and its reflection of buying decisions made in December-February seems like ancient history today.

David Blitzer said:

“Home prices are currently rising more quickly than either per capita personal income (3.1%) or wages (2.2%), narrowing the pool of future home-buyers.

All of this suggests that some future moderation in home prices gains is likely,” he said. “Moreover, consumer debt levels seem to be manageable.”

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