Home prices in San Diego surged by 1.8% in January after falling for four straight months, according to the authoritative Case Shiller Index released Tuesday.
San Diego led the 20 largest metropolitan areas in monthly and year-over-year increase amid the beginning of a national recovery in home prices.
“U.S. home prices continued their drive higher,” said Brian D. Luke at S&P Dow Jones Indices. “For the second consecutive month, all cities reported increases in annual prices, with San Diego surging 11.2%.”
Overall U.S. home prices declined by 0.1% in January but were up 6.0% over January 2023.
“On a monthly basis, home prices continue to struggle in the face of elevated borrowing costs, Luke noted. “Only Southern California and Washington D.C. have stood up the rising wave of interest rates and deliver positive returns to start the year.”
But he said that “homeowners most likely saw healthy gains in the last year, no matter what city you were in, or if it was in an expensive or inexpensive neighborhood.”