After leading the nation in home price increases for six months, San Diego dropped to second place in May according the the authoritative Case Shiller Index released Tuesday.
Home prices in San Diego rose 0.7% in May and were up 9.1% over the past 12 months.
The national average was a slightly higher in May at a 0.9% increase, but lower over the past year with 5.9% appreciation.
“The Big Apple returned to the top of the leader boards, toppling San Diego from its six-month perch,” said Brian D. Luke of S&P Dow Jones Indices. “New York’s 9.4% annual return outpaced San Diego and Las Vegas, by 0.3% and 0.7%, respectively.”
Luke noted that the rise in prices is slowing, but cautioned that “the waiting game for the possibility of favorable changes in lending rates continues to be costly for potential buyers as home prices march forward.”
