San Diego homes prices continued their recovery from last summer’s low point, with prices rising 2.0% in April, according to the authoritative Case-Shiller report released Tuesday.
April’s rise follows a 2.5% increase in March and 1.5% uptick in February, but prices are still down 5.6% over the past year.
All of the 20 largest metropolitan areas in the United States posted increases in April. The national average was 1.3%.
“The U.S. housing market continued to strengthen in April 2023,” said Craig J. Lazzara, managing director at S&P Down Jones Indices. “Home prices peaked in June 2022, declined until January 2023, and then began to recover.”
Zillow Senior Economist Nicole Bachaud said the trend is an indication that the housing market is beginning to return to normal.
“We can see that this spring is finally settling back into the relatively normal rhythms of the housing market,” said Bachaud. “Home prices are rising in the spring as more home buyers are shopping, and home prices will likely continue this trend until we enter the cooling of the market in the fall.”
