San Diego drops out of top US ranking for home price gains

San Diego fell off its perch as one of the top markets for home price gains in September.

The S&P CoreLogic Case-Shiller Indices reported Tuesday that San Diego metro saw a 25 percent home price gain in a year, making it the fourth fastest-growing market in 20-city index. It marked the first time in 13 months that America’s Finest City was not in the top three.

Phoenix was the top market, up 33.1 percent in a year. It was followed by Tampa, up 27.7 percent, and Miami, up 25.2 percent. San Diego metro (which includes all of San Diego County) was tied with Dallas for fourth, also up 25 percent.

While nationwide price gains are still substantial, up 19.5 percent on average, many experts looking at the closely watched index said there are signs the real estate market is cooling. September was the first time national price gains had slowed since May 2020.

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A Chula Vista non-profit is helping low-income families purchase electric vehicles.

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San Diego County’s Med Home Price Unchanged

San Diego County’s median home price was unchanged in October as the number of sales hit its lowest level since winter.

Analysts say there are two factors that have pushed sales down: Lack of homes on the market and potential buyers increasingly less likely to go over asking prices.

“It’s not that there aren’t buyers. It’s really the lack of inventory,” said Gary Kent, a La Jolla-based real estate agent.

Kent said he has asked clients if they would consider selling homes but keeps running into the same issues: People think they can get more money if they wait, or there are so few homes for sale that homeowners worry if they sell their home, they won’t be able to find another one to buy.

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