San Diego home prices continue to be strong, but the city has fallen to second place in the nation for annual home price increases. According to San Diego Union-Tribune, New York took the top spot in May, with prices up 9.4 percent in a year, dropping San Diego to second in the 20-city index.
While this might seem like a dip, San Diego still saw a significant 9.1 percent annual increase in home prices in May. It’s important to note that the pace of home growth is slowing in most markets, including San Diego. From January to March, San Diego home prices were up around 11 percent annually, and 10.3 percent in April. May marked the first time this year the annual rise was not in the double digits.
However, San Diego is still holding its own and remains a strong market. It’s important to remember that the median resale single-family home price in the San Diego metro was $1 million in May.
The Case-Shiller Indices track repeat sales of identical single-family houses — and are seasonally adjusted — as they turn over through the years. They provide a reliable measure of the changes in home prices over time.
While the market is expected to cool down in the coming months, San Diego continues to be a great place to invest in real estate. If you are thinking about buying or selling a home in San Diego, I would be happy to help. I have extensive experience in the local market and can provide you with the insights you need to make informed decisions. You can learn more about my services at https://robertluiswallace.com/services/.
Leave a Reply
You must be logged in to post a comment.