Home price appreciation is slowing throughout the United States, but the pattern is mixed in San Diego with the fifth monthly increase in a row in June, according to the widely followed Case-Shiller report.
The latest S&P CoreLogic Case-Shiller National Home Price Index, released Tuesday morning in New York, reported the 15th consecutive month of slowing price growth nationally, with year-over-year prices actually dropping in Seattle for the second month in a row.
The pattern was mixed in San Diego, with home prices rising 0.7 percent in June, following a 1 percent rise in May. But prior to February, local home prices had declined for six straight months.
“While housing has clearly cooled off from 2018, home price gains in most cities remain positive in low single digits,” said Philip Murphy, managing director at S&P Dow Jones Indices. “It is likely that current rates of change will generally be sustained barring an economic downturn.”
San Diego home prices grew faster in June than the national average of 0.6 percent, but were up only 1.3 percent for the past 12 months, compared to the national average of 3.1 percent.
Murphy said that “much of the West Coast is challenged to sustain year-over-year gains” in prices.
Sean Karafin, vice president of policy and economic research at the San Diego Regional Chamber of Commerce, said the high cost of housing remains a problem for economic growth in San Diego.
“For the San Diego region to continue its role as a leader in economic growth and job creation, we must have enough housing at prices that make sense for working families. To do that, we must address regulatory hurdles that hinder home building,” he said.
>> Subscribe to Times of San Diego’s free daily email newsletter! Click hereFollow Us: