Home prices in San Diego continue their downward trend, falling 0.4% in November after a similar decline in October, according to the respected Case-Shiller Index released Tuesday.
The November result for San Diego was the fifth consecutive decline, but local home prices are still up more than 4% over the past year, which is slightly above the national average.
Among major cities, only Boston, Los Angeles, Miami, New York and Phoenix posted home price increases in November.
“With the exception of pockets of above-trend performance, national home prices are trending below historical averages,” said Brian D. Luke of S&P Dow Jones Indices. “Markets out West and in once red-hot Florida are trending well below average growth.”
The Case-Shiller Index is considered the leading measure of U.S. residential real estate prices, tracking changes in the value of property since 1987.
