Home prices in the San Diego were unchanged in September, but remained 6.5% higher than a year ago, according to the latest release of the authoritative Case-Shiller Index on Tuesday.
The flatline in September followed a 0.6% increase in August and compared with declines in many cities, leaving San Diego as one of the top national real estate markets.
“On a year-over-year basis, the three best-performing metropolitan areas in September were Detroit (+6.7%), San Diego (+6.5%), and New York (+6.3%),” said Craig J. Lazzara, managing director at S&P Dow Jones Indices.
“San Diego’s presence breaks the Rust Belt’s recent grip on the top three positions, but the bottom three continue to have a western flavor,” he noted. “Year-over-year, September’s worst performers were Las Vegas (-1.9%), Phoenix (-1.2%), and Portland (-0.7%). “
Lazzara said a relative shortage of inventory continues to provide “solid support for prices” across the country.
The online real estate service Zillow offered a similar assessment of the home market.
“Although the market essentially froze this time last year, homebuyers have returned and are hanging tough,” said Senior Economist Orphe Divounguy. “However, a large and persistent decline in new listings in the past year kept for-sale inventory very low.”
