Home prices in San Diego fell slightly in August for the second month in a row amid a national downward trend, according to the authoritative Case-Shiller Index released Tuesday.
Local prices declined by 0.7% after an adjusted 0.7% drop in July, but are still up 5.7% over the past 12 months.
Nationwide the decline was 0.1% following no change in July for a one-year increase of 4.2%.
Most large metro areas showed declines in August, with only the New York, Las Vegas, and Chicago markets remaining at all-time highs.
“Home price growth is beginning to show signs of strain, recording the slowest annual gain since mortgage rates peaked in 2023,” said Brian D. Luke of S&P Dow Jones Indices. “As students went back to school, home price shoppers appeared less willing to push the index
higher than in the summer months.”
Zillow Chief Economist Skylar Olsen agreed with that assessment, saying, “As we near the slower fall months, buyers are likely to continue refusing steep pricing, but sellers should continue to expect record high home equity, especially in the northern and southwestern swaths of the U.S.”
