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Annual home price gains in the San Diego metropolitan area were below 1 percent for the first time since 2012, said the S&P CoreLogic Case-Shiller Indices released Tuesday.

San Diego metro home prices were up 0.8 percent in a year — a major change from one year ago when the market had seen a 7.8 percent annual increase.

April’s numbers reflect slowing price appreciation across the nation, which experts generally attribute to affordability issues after years of home costs outpacing wages. Nationally, home prices were up 3.5 percent with low-cost markets showing the biggest gains.

San Diego had the lowest price gain of the 20-city index, but Seattle had no price gain. Other slowed markets were Los Angeles, up 1.5 percent in a year, and San Francisco, up 1.8 percent in a year.

read more at: https://www.msn.com/en-us/finance/realestate/san-diego-annual-home-price-gains-dip-below-1-percent/ar-AADpy0V

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Home prices in the San Diego metropolitan area are going up, but slower than everywhere else in the United States.

San Diego metro’s home prices increased 1.3 percent in a year as of January, said the S&P CoreLogic Case-Shiller Indices released Tuesday. It was the smallest increase of the 20 cities covered in the index for the second month in a row.

Home price increases are slowing across the nation, with many experts citing increasing mortgage rates. The most expensive markets are seeing the biggest slowdown.

Before last month, San Diego had not been in the bottom of the index since October 1996 (when the index was 19 cities). The last time San Diego’s annual increases were so slow was July 2012.

Former top metros in the index were among the bottom. Los Angeles was up 2.9 percent in a year and San Francisco up 1.8 percent in a year.

Low-cost markets posted the biggest gains: Las Vegas was up 10.5 percent in a year, Phoenix up 7.5 percent and Minneapolis up 5.1 percent.

“In 16 of the 20 cities tracked, price gains were smaller in January 2019 than in January 2018,” wrote David Blitzer, managing director of the index. “Some cities were prices surged in 2017 to 2018 now face much smaller increases.”

Last year at this time, San Diego home prices were up 7.4 percent.

The indices evaluate home prices by more than just price, tracking repeat sales of identical single-family houses as they turn over through the years. Prices are adjusted for seasonal swings. The median home price for a resale home in January was $588,000, said CoreLogic.

West Coast markets were hit especially hard by rising mortgage rates because already high prices meant small interest rate changes were devastating for some potential buyers, said Steven Thomas, founder of Orange County-based Reports on Housing.

read more at: https://www.sandiegouniontribune.com/business/real-estate/story/2019-03-26/san-diego-home-price-gains-slowest-in-nation-for-2nd-month

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Resale home prices in the San Diego metro area increased the slowest in the nation in December, 2.3 percent in a year, said the S&P CoreLogic Case-Shiller Indices released Tuesday.

While prices are still going up, slightly beating inflation, it is a major reversal of fortunes in the 20-city index considering San Diego prices were among the top four in the nation 13 months earlier.

The last time San Diego metro was in the bottom spot in the index was in October 1996, back when the index was 19 cities. It had never been in the bottom spot since it expanded to 20 cities in 2000.

The last time San Diego metro’s annual price increases were so slow was August 2012.

Annual nationwide price increases were 4.7 percent in December with the biggest price gains in Las Vegas (11.4 percent), Phoenix (8 percent) and Atlanta (5.9 percent).

Experts say rising mortgage interest rates are much of the cause of the slowdown in high-priced markets. David Blitzer, managing director of the index, said a major factor could also be wage growth not keeping up with housing costs. He said wage gains were around 3.5 to 4 percent last year, still below the nationwide home price increase.

“There have been a few places with very sharp reversals,” Blitzer said. “I think a lot of times prices are just outpacing people’s ability to pay in a lot of places.”

read more at: https://www.sandiegouniontribune.com/business/real-estate/sd-fi-case-shiller-20190225-story.html

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