San Diego saw the second-fastest growth in home prices of any large U.S. metropolitan area over the past year, according to the authoritative Case-Shiller Index released Tuesday.
Prices in San Diego dipped by 0.1% between September and October, but remained high year-over-year in the latest report.
“Detroit kept pace as the fastest growing market for the second month in a row, registering an 8.1% annual gain. San Diego maintained the second spot with 7.2% annual gains, following by New York with a 7.1% gain,” said Brian D. Luke, head of commodities for S&P Dow Jones Indices.
The national year-over-year average in October was 4.8% growth in home prices.
“Home prices leaned into the highest mortgage rates recorded in this market cycle and continued to push higher,” said Luke. “With mortgage rates easing and the Federal Reserve guiding toward a slightly more accommodative stance, homeowners may be poised to see more appreciation.”
San Diego stood out in California, with Los Angeles at 6.1% and San Francisco at 1.6% growth in prices.