Home price increases are slowing across the country, with San Diego showing a rise of only three-tenths of a percent from June to July, and 8.3 percent for the past 12 months.
Data released Tuesday for the S&P/Case-Shiller Home Price Indices, a leading measure of U.S. home prices, shows a significant slowdown in price increases.
Nineteen of the 20 metropolitan areas saw lower annual increases in July. Las Vegas, Miami and San Francisco were the only ones to still report double-digit annual gains. Here is how California’s largest metro areas fared:
- San Francisco – 10.3%
- Los Angeles – 9.0%
- San Diego – 8.3%
- U.S. Average – 5.6%
Home prices in San Diego rose 0.3 percent from June to July, down from 0.6 percent from May to June.
“The broad-based deceleration in home prices continued in the most recent data,” sid David M. Blitzer, chairman of the index committee at S&P Dow Jones Indices. “However, home prices continue to rise at two to three times the rate of inflation.
“The slower pace of home price appreciation is consistent with most of the other housing data on housing starts and home sales. The rise in August new home sales — which are not covered by the S&P/Case-Shiller indices – is a welcome exception to recent trends.”
