At the rate our local Case-Shiller Index has been rising over the last few months, we will be looking at 2% to 3% appreciation per year – or less.

“Home prices and the economy are both enjoying robust numbers,” David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices.

“However, mortgage interest rates rose in November and are expected to rise further as home prices continue to out-pace gains in wages and personal income.”

Blitzer noted that measures of home affordability—which are based on median incomes, housing prices and mortgage rates—have fallen by 20 percent to 30 percent since home prices hit a bottom in 2012. While consumer confidence is high and unemployment is low, home prices cannot keep rising faster than incomes and inflation, he said.

Here are the recent San Diego Non-Seasonally-Adjusted CSI changes:

The highest reading of the San Diego NSA CSI was 250.34 in November, 2005.