E Point Perfect

Case-Shiller Report: San Diego Home Prices Decline for 5th Straight Month


Home for salet
A home for sale in Hillcrest in December. Staff photo

The authoritative Case-Shiller index released Tuesday showed San Diego home prices falling for the fifth month in a row in October, though the drop was smaller than in previous months.

Local home prices fell 0.7%, compared to a 2.1% drop in September and 2.8% in August. Despite the recent declines, San Diego home prices, but are still 7.5% higher than a year ago.

Home prices fell in all large metropolitan areas in October, though year-over-year gains remained highest in Miami at 21.0%, Tampa at 20.5% and Charlotte at 15.0%.

Average prices nationwide fell 0.5% in October, compared to a 1.0% decline in September and remain 9.2% higher than a year ago.

“October 2022 marked the fourth consecutive month of declining home prices in the U.S.,” said Craig J. Lazzara, managing director at S&P Dow Jones Indices.

“As the Federal Reserve continues to move interest rates higher, mortgage financing continues to be a headwind for home prices,” Lazzara said. “Given the continuing prospects for a challenging macroeconomic environment, prices may well continue to weaken.”


Source link

Related posts

Man Guilty in 2nd Attack on University City Victim Sentenced to 18 Years for Killing Him

Fast-Moving Wildfire East of Hemet Kills 2, Prompts Thousands of Evacuations

Opinion: PACE Programs Help Seniors Age at Home While Reducing Caregiver Burnout

UC Postdoctoral Scholars, Researchers Reach Tentative Agreement

U.S. Draws with England in Tense Second Match of 2022 FIFA World Cup

Rules Change Makes 400,000 in State Eligible for Covered California Health Insurance