The decline in San Diego home prices accelerated in August amid an emerging nationwide trend, according to the authoritative Case-Shiller Index released Tuesday.
Local prices fell for the fourth straight month, down 0.70% after declines of 0.69% in July, 0.32% in June and 0.08% in May. Prices are now off 0.66% year-over-year.
Nationwide prices were down 0.30% in August, but remained up 1.5% year-over-year, though that was below the rate of inflation.
“August’s data shows U.S. home prices continuing to slow,” said Nicholas Godec of S&P Dow Jones Indices. “For the fourth straight month, home values have lost ground to inflation, meaning homeowners are seeing their real wealth decline even as nominal prices inch higher.”
Godec said that mortgage rates above 6.5% “continue to weigh on buyer demand, even during what should be the busy summer season” and suggested that the market was nearing a “new equilibrium” after the pandemic shock.
“With price growth running at half the rate of inflation and several major markets in decline, the rapid appreciation of recent years has clearly ended,” he explained. “This adjustment mayultimately lead to a more sustainable market, but for now, homeowners are watching their real equity erode while buyers face the dual challenge of elevated prices and high borrowing costs.”
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