Home prices in San Diego declined in July for the third month in a row amid a nationwide slowdown in the housing market, according to the authoritative Case-Shiller Index released this week.
Prices for single-family homes fell by 0.66% in July, following a 0.32% drop in June and 0.08% decline in May.
Year-over-year, San Diego homes were worth 0.66% less, or $6,600 on a $1 million home. Across the nation prices fell by 0.16% in July but were still higher year-over-year.
“The high-cost Western markets continue to struggle: San Francisco is –1.9% year-over-year, San Diego is –0.7%, and Los Angeles is essentially flat at +0.2%,” said Nicholas Godec of S&P Dow Jones Indices.
But while many parts of the country are still showing small price increases, the national average was less than the 2.7% rate of inflation, so “U.S. home values have essentially stagnated after inflation,” Godec said.
“July’s results reinforce that the housing market has downshifted to a much slower gear,” he said . “National home prices rose just 1.7% year-over-year, down from June’s 1.9% pace and a far cry from the double-digit gains of two years ago.”
“Looking ahead, the housing market appears to be settling into a new, more measured equilibrium,” Godec said. “The era of 15%-20% annual home price jumps is behind us, and in its place we’re seeing growth rates closer to overall inflation — or even a bit below it.”
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