San Diego home prices declined again in October according to new data from the authoritative Case-Shiller index of national real estate values.
The latest report, released just before the new year, showed local home prices falling 0.10% — the sixth consecutive monthly decline. Nationwide prices were down 0.16% in October.
Year-over-year, local prices are down 0.59% compared to an average increase nationally of 1.36%.
“October’s data show the housing market settling into a much slower gear,” saidNicholas Godec of S&P Dow Jones Indices.
“Elevated mortgage rates, paired with inflation that continues to outpace home price gains, have intensified affordability pressures, potentially setting a new equilibrium of minimal price appreciation or, in some markets, outright declines,” he said.
In addition to San Diego, prices are down year-over-year in Atlanta, Dallas, Denver, Las Vegas, Miami, Phoenix, Portland, Seattle and Tampa.
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