Home prices in the San Diego area fell in July after rising throughout the year, according to the authoritative Case-Shiller Index released Tuesday.
Prices fell 0.6% in July after rising by the same percentage in June but were still 7.2% higher than a year ago.
Nationally home prices were up 0.1% in July and 5.0% over the past 12 months.
San Diego prices remain among the highest in the country, with only Las Vegas, Los Angeles and New York experiencing a bigger rise over the past year.
“The rich are getting richer in San Diego, Los Angeles, and San Francisco where their high-price-tiered indices outperformed,” noted Brian D. Luke of S&P Dow Jones Indices.
The three-decade-old index — formally known as the S&P CoreLogic Case-Shiller Home Price Indices — is considered the most authoritative measure of home price trends.
