PASADENA, CA - APRIL 23: A sign advertises a house for sale on April 23, 2009 in Pasadena, California. About half of all homes sold last month were sold to first-time homebuyers but hopes of a Spring recovery in the housing market were dampened by a report by the National Association of Realtors that existing home sales fell 3 percent in March despite near-record-low mortgage rates and home prices that are the lowest in years. The median sales price in March was $175,200, down from $200,000 a year ago. (Photo by David McNew/Getty Images)
San Diego was one of only two major cities in the United States to have an increase in home prices on a year-over-year basis, according to a Standard & Poor/Case-Schiller Home Price Index report issued Tuesday.
San Diego had an annual rate increase of +1.7 percent, while Washington DC home prices had an increase of +4.1 percent, the report said. As of December 2010, in 18 of the 20 cities measured, home prices fell compared to December of 2009.
According to Standard & Poor, California is doing better with gains from their low points in San Diego, Los Angeles, and San Francisco.
The report said 11 markets - Atlanta, Charlotte, Chicago, Detroit, Las Vegas, Miami, New York, Phoenix, Portland (OR), Seattle and Tampa, hit their lowest levels since home prices peaked in 2006 and 2007. Atlanta, Detroit, and Phoenix, top the list of lows with -8.0 percent, -9.1 percent, and -8.3 percent respectively.