San Diego home prices continue to rise, but the pace slowed in July, according to the closely followed Case-Shiller report.
The S&P Corelogic Case-Shiller home price index released Tuesday morning showed a 0.6 percent price rise in San Diego in July, down from 0.9 percent in June, but totaling 7.1 percent over the past year.
Nationally prices rose 0.7 percent in July and are up 5.9 percent for the year.
“While home prices continue to rise, other housing indicators may be leveling off. Sales of both new and existing homes have slipped since last March,” said David M. Blitzer, managing director of S&P Dow Jones Indices.
The nation’s hottest real estate markets have been in the Pacific Northwest in recent months, but Blitzer noted that growth is shifting to other areas.
“Dallas and Denver are also experiencing rapid price growth. Las Vegas, one of the hardest hit cities in the housing collapse, saw the third fastest increase in the year
through July 2017,” he said.
The online real estate service Zillow said that rising prices contrasted with low sales activity.
“The U.S. housing market entered a strange kind of twilight zone over the summer, in which home prices kept rising steadily, but actual home sales activity largely leveled off at fairly underwhelming levels,” said Chief Economist Dr. Svenja Gudell. “There is a huge shortage of homes actually available to buy relative to the amount of demand from home buyers out there.”