July 14, 2024

San Diego Home Prices

San Diego home prices
San Diego home prices

Case-Shiller 20-city home price index was released today. The report showed that home prices in the index were down 0.7% in May on an annual basis, but up 2.3% when compared with April. All 20 cities in this index showed monthly price increases, but just 12 cities saw prices rise on an annual basis.

According to the Case Shiller report, San Diego County home prices fell 1.1% in May when compared to May 2011! But, San Diego home prices rose a very modest 0.9% in May when compared to April. This same report shows that San Diego County home prices were off by approximately 38.9% from their high in 2005, but, are actually up 6% when compared to their post bubble low in 2009.

San Diego Home Prices

One should keep in mind that this is the strongest seasonal. For real estate sales, usually the period from mid-March through the end of September is the top marketing time. I’m not trying to diminish the good news in the monthly home price increases, and also the fact that in the low-end of the market there is extreme demand versus supply. But, when one considers the seasonal marketing time as well as the historic low interest rates, a more energetic an extensive market increase would seem to be in order.

To me, obviously the current economic situation is taking its toll as well as the fact that California has proposed another huge tax increase on the November ballot are all causing buyers to be restrained.