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Wednesday, Sep 28, 2022

San Diego Home Prices Stay Flat

San Diego and Washington, D.C. were the only cities to show positive gains in their home prices over the year to January, according to the Standard & Poor’s/Case-Shiller Home Price Index released March 29.

San Diego’s 0.1 percent rise was really flat on an adjusted basis, while the Washington increase of 3.6 percent reflects that city’s strong employment base.

Every other city in the 20-city index was down over the 12 months, with the largest price drops felt in Phoenix, 9.1 percent; Detroit, 8.1 percent; and Portland, Ore., 7.8 percent.

For the year, a composite, 20-city index fell 3.1 percent, while a 10-city index declined by 2 percent.

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On a monthly basis, from December to January, the 20-city index fell 1 percent, while the 10-city index was down 0.9 percent.

For that same period, home prices in San Diego were down 1.2 percent.

The latest data underscore the dismal state of the housing market nationwide, said David Blitzer, chairman of the index committee at Standard & Poor’s.

“The housing market recession is not yet over, and none of the statistics are indicating any form of sustained recovery,” Blitzer said. “At most, we have seen all statistics bounce along their troughs; at worst, the feared double-dip recession may be materializing.”

The Case-Shiller report said as of January, average home prices nationwide are at the levels of the summer of 2003. From the peak values in June/July 2006, average home prices for the 20-city composite have dropped 31.8 percent.

— Mike Allen


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