The San Diego Case-Shiller Index showed 7.2% appreciation for 2015, but can we break that down further?
The Zillow version (assuming these are more accurate than their zestimates!):
Zillow ranked ZIP codes based on their median home value in January 2015, and grouped them into deciles for every metro area nationwide for which we have sufficient data (the average metro area in our database spans 23 ZIP codes). The top 10 percent of ZIP codes in each metro area is classified as the “luxury market,” and the bottom 10 percent of ZIP codes in each metro area is classified as the entry-level market. We grouped the middle two deciles – the 5th and 6th deciles – to capture home value trends in middle-market ZIP codes. We then compared how home values evolved over 2015 for each of these groups.
http://www.zillow.com/research/2015-home-value-appreciation-tiers-11749/
It looks like the people got squeezed out of the mid-market zip codes and substituted down in the entry level zip codes.