Home prices in San Diego rose 0.6% in August, exceeding the national average, according to the authoritative Case-Shiller Index released Tuesday.
San Diego’s results compared with a 0.4% national average, and followed a 0.7% increase in July. Local prices are now 4.1% higher than a year ago.
“U.S. home prices continued to rise in August 2023,” said Craig J. Lazzara, managing director at S&P Dow Jones Indices. “Our national composite rose by 0.4% in August, which marks the seventh consecutive monthly gain since prices bottomed in January 2023.”
He said the Midwest has been the strongest region in recent months, followed by the Northeast, West and Southwest.
“Unless higher rates or other events lead to general economic weakness, the breadth and
strength of this month’s report are consistent with an optimistic view of future results,” Lazzara added.
Zillow Senior Economist Nicole Bachaud said buyers appear to have adjusted to high mortgage rates.
“Promising signs of market balancing are on the horizon, however, as new listings have been picking up with many sellers starting to accept the new normal of a high-rate environment,” she said.