Case-Shiller Index: Decline in San Diego Home Prices Accelerated in September

Home prices in the San Diego metropolitan area fell for the third straight month, accelerating to nearly a 1 percentage point loss in September, according to the respected Case-Shiller Index released Tuesday.

Nov 27, 2024 - 02:19
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Case-Shiller Index: Decline in San Diego Home Prices Accelerated in September
A house is for sale in Point Loma. Photo by Chris Stone
A house is for sale in Point Loma. Photo by Chris Stone
A contemporary home for sale in Point Loma. File photo by Chris Stone

Home prices in the San Diego metropolitan area fell for the third straight month, accelerating to nearly a 1 percentage point loss in September, according to the respected Case-Shiller Index released Tuesday.

Local prices declined by 0.9% after 0.7% decreases in both August and July, but are still up 4.7% over the past 12 months.

San Diego tied with Los Angeles and San Francisco as the three metro areas with the biggest price decline in September. Denver was next with a 0.8% drop.

Average prices across the nation declined by just 0.1% and remain 3.9% higher than a year ago.

“Home price growth stalled in the third quarter, after a steady start to 2024,” said Brian D. Luke of S&P Dow Jones Indices.

He said home prices continue to rise in the Midwest and Northeast, but are flat to down elsewhere.

Zillow‘s chief economist Skylar Olsen predicted something of a buyer’s market for homes in coming months.

“As we near the slower fall months, buyers are likely to continue refusing steep pricing,” he said, but added that “sellers should continue to expect record high home equity, especially in the northern and southwestern swaths of the U.S.”

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