The latest Case-Shiller report shows a marked slowdown in residential real estate appreciation in San Diego, with a 0.2% price decline in October and a revised estimate of no change in September.
Nevertheless, San Diego prices were still 2.9% higher in October compared to a year ago.
The widely followed index, released Tuesday by S&P Dow Jones Indices, showed a 0.1% rise nationally in October, and a 3.3% increase for the past year — figures that were called “reassuring.”
“October’s U.S. housing data continue to be reassuring,” said Craig J. Lazzara, managing director at S&P Dow Jones Indices. “Home prices are currently more than 15% above the pre-financial crisis peak reached July 2006.”
“At a regional level, Phoenix retains the top spot for the fifth consecutive month with October’s 5.8%
year-over-year gain,” he said. “The Southeast region was also strong, as Tampa, Charlotte, and Atlanta all rose by more than 4.0%.”
However, West Coast cities did not fare as well. Home prices in San Francisco are down 0.4% year-over-year, while Los Angeles achieved only a 2% annual gain.
Economists at Zillow, the popular online real estate site, were cautiously optimistic for home prices in the new year.
“2019 was a year of transition in housing, marked by a significant and consistent slowdown in home price appreciation,” said Zillow’s Matthew Speakman. “But as the year draws to a close, signs suggest the market has achieved a soft landing and may even be primed for a re-acceleration.”