Home prices in San Diego rose in November for the first time in six months amid “tepid growth” across the nation, according to the authoritative Case-Shiller Index released Tuesday.
Local prices rose 0.53% and are now 0.32% higher than a year ago.
Nationwide home prices were down 0.11% in November but 1.36% higher over the past year.
“November’s results confirm that the housing market has entered a period of tepid growth,” said Nicholas Godec of S&P Dow Jones Indices.
“Only a handful of markets — including Los Angeles, San Diego, Miami, New York and Phoenix — eked out slight gains,” he said.
Godec noted that the increase in home prices across the nation “trails inflation by roughly 1.3 percentage points, meaning real home values have effectively edged down over the past year.”
As a result, he said, “inflation has erased most nominal gains, leaving home values essentially flat in real terms.”
He cautioned that mortgage rates in the mid-6% range “continue to cast a long shadow over housing.”
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