San Diego home prices fell again in June and turned negative for the last 12 months in what the authoritative Case-Shiller index termed “a remarkable transformation” from the boom years.
Prices for single-family homes fell 0.31% in June following a 0.08% decline in May, and are down 0.61% for the past 12 months.
While Tampa was the worst major market, “several Western markets including San Diego and San Francisco have joined the negative column — a remarkable transformation from their earlier boom years,” said Nicholas Godec of S&P Dow Jones Indices.
“June’s results mark the continuation of a decisive shift in the housing market, with national home prices rising just 1.9% year-over-year — the slowest pace since the summer of 2023,” he said.
Godec noted that “for the first time in years, home prices are failing to keep pace with broader inflation.”
The authoritative measure of home prices, officially known as the CoreLogic Case–Shiller Home Price Indices, is based on work by economists Karl Case and Robert Shiller, a Nobel Prize recipient.
