Annual San Diego home price gain slows to 1.3%

Annual home price gains in the San Diego metropolitan area, along with much of the nation, slowed in June, said the S&P CoreLogic Case-Shiller Indices released Tuesday.

San Diego metro home prices were up 1.3 percent in a year, down from 6.9 percent at the same time last year.

It has been the most expensive home markets that have seen the most lackadaisical gains. New York metro rose 1.1 percent and San Francisco saw a gain of 0.7 percent. Seattle was the only metro in the 20-city index to see a price drop, down 1.3 percent.

Analysts attribute the slowdown to affordability constraints, changes in the tax code that make buying in high cost markets less advantageous and changing buyer attitudes. Still, prices are still rising, increasing 3.1 percent nationwide.

Phoenix had the biggest annual gain, up 5.8 percent in a year, followed by Las Vegas at 5.5 percent and Tampa at 4.7 percent.

In June, San Diego metro had the sixth most price reductions of the 20 largest metro areas in the nation, about 21 percent of homes, said an analysis of Zillow data by the The San Diego Union-Tribune. When the market was at its hottest, around the beginning of 2017, only 8 to 9 percent of homes had a reduction.

The Case-Shiller indices take into consideration repeat sales of identical single-family houses as they turn over through the years. Prices are adjusted for seasonal swings. The San Diego County median home price for a resale single-family home in June was $649,000, said CoreLogic.

read more at: https://www.sandiegouniontribune.com/business/real-estate/story/2019-08-27/annual-san-diego-home-price-gain-slows-to-1-3

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