America’s Finest City saw its annual price gain drop to 1.6 percent in December, said the S&P Case-Shiller Indices released Tuesday. That’s down from a 30 percent rise in March.
CoreLogic chief economist Selma Hepp wrote that the West and Mountain West are seeing prices drop the quickest, but all markets are affected by rising interest rates.
The interest rate for a 30-year, fixed-rate mortgage hit a low of 6.27 percent in December, said Freddie Mac, down from a high of 7.08 percent in November. However, rates were on the rise this week, around 6.78 percent Tuesday morning, said Mortgage News Daily.
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San Diego continued to slide down in rankings of the nation’s hottest real estate markets in October.
The S&P CoreLogic Case-Shiller Indices reported Tuesday that San Diego metro saw a 24.2 percent home price gain in a year, making it the sixth fastest-growing market in 20-city index. San Diego had been in the top two markets in the closely watched index for most of 2021.
Nationwide prices showed signs of finally cooling after record-setting pandemic gains, so San Diego metro (which includes all of San Diego County) was not alone in showing a slight deceleration. U.S. average home prices are still up 19.1 percent in a year.
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Note: must take into account how many sales have closed; is there enough data (sales) to support a trend.
San Diego County home prices in May increased 7.3 percent in a year, faster than the nationwide average, said the S&P CoreLogic Case-Shiller Indices released Tuesday.
All the regions covered in the 20-city index experienced price increases, with San Diego near the top with the No.6 biggest increase (tied with Phoenix). Seattle had the biggest gain at 13.6 percent.
Zillow senior economist Aaron Terrazas wrote in an email that the report showed that the housing market was showing contradictory signals that the tide of rising prices could begin to turn.
A few of the factors he said that make it hard to tell what is next for the market: Rent growth has stabilized, which could make potential buyers less desperate to get into a home; Inventory is still historically low, but has increased in recent months; and housing starts are down, a sign that it is either too costly for builders to construct new homes or they anticipate less demand for buyers.
However, Terrazas said that a lack of homes for sale is still a large factor that will affect everyone looking to buy.
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