The latest figures released Tuesday for the widely-followed Case-Shiller index suggest home-price appreciation is beginning to slow in San Diego and across the nation.
Local prices rose 0.7% in September compared to 0.5% in August, and are up 25.0% for the past 12 months, but San Diego is no longer among the top three markets.
“Phoenix’s 33.1% increase led all cities for the 28th consecutive month,” said Craig J. Lazzara, managing director at S&P Dow Jones Indices, referring to 12-month appreciation. “Tampa (+27.7%) rose to second place in September, and Miami (+25.2%) edged out Dallas, San Diego, and Las Vegas for the bronze medal.”
But despite those high double-digit increases, Lazara said the overall market is beginning to soften.
“If I had to choose only one word to describe September 2021’s housing price data, the word would be ‘deceleration,’” he said. “Housing prices continued to show remarkable strength in September, though the pace of price increases declined slightly.”
He said that in 14 of 20 largest U.S. markets prices increased less in September than in August.
The overall increase nationwide was 1.0% in September, down from 1.2% in August, and 19.5% for the past 12 months.