San Diego home values near $600 billion

Total value of homes in San Diego County reached $596 billion in 2016, up 6 percent from the year before, said a study by real estate website Zillow. 

It follows a national trend of increasing home values, rising 5.7 percent in the same time period.

Aaron Terrazas, senior economist at Zillow, said looking at home value alone doesn’t tell the whole story — such as, how income growth compares — but it allows analysts to see a larger picture. 

“The total home value of San Diego (County) is more than the GDP of Argentina,” he said. 

San Diego County did not reach its peak of $603 billion from 2005, but Terrazas said the region will surpass it next year.

With the caveat that home values are, in part, reflective of population sizes, Los Angeles had the most valuable homes in 2016, worth $2.5 trillion. It was followed by New York at $2.4 trillion; San Francisco, $1.3 trillion; and Washington, D.C., $975.1 billion, Zillow said. 

San Diego County had the ninth most valuable homes, higher than Philadelphia, Seattle, Dallas, Denver, Portland, Atlanta and many other large cities. 

Indianapolis had the lowest home values of the 35 major cities studied at $111.7 billion. 

Chris Thornberg, founding partner of Beacon Economics, said high home values are good because they can be stimulative for a regional economy, but what’s happening in San Diego has a down side. 

“Wealth is being generated by…

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