Case-Shiller: The domestic market ‘decelerates’, but San Diego rises by 25% in one year

A house for sale in the San Carlos area in September. Photo by Chris Stone

The latest figures, released Tuesday for the widely-followed Case-Shiller index, suggest that house price rises are beginning to slow in San Diego and across the country.

Local prices rose 0.7% in September compared to 0.5% in August and rose 25.0% in the past 12 months, but San Diego is no longer among the top three markets.

“Phoenix’s increase of 33.1% led to all cities for the 28th month in a row,” said Craig J. Lazzara, CEO of the S&P Dow Jones Indices, citing a 12-month increase in value. “Tampa (+ 27.7%) rose to second place in September, and Miami (+ 25.2%) beat Dallas, San Diego and Las Vegas to the bronze medal.”

But despite the high double-digit increases, Lazara said the overall market is starting to soften.

“If I were to pick just one word to describe September 2021’s house price data, the word would be ‘deceleration,'” he said. “House prices continued to show remarkable strength in September, although the pace of price increases slowed slightly.”

He said prices in 14 of the 20 largest U.S. markets rose less in September than in August.

The overall increase nationally was 1.0% in September, down from 1.2% in August and 19.5% for the last 12 months.

Show comments

Give a Comment