San Diego’s reign as the metro with the fastest-growing home prices has come to an end, with New York taking the top spot in the S&P Case-Shiller Indices report. Despite a 9.1% annual increase in home prices, San Diego now ranks second, with New York’s metro area recording a 9.4% rise. The report suggests that the pace of home price growth is slowing in most markets, including San Diego, where prices were up around 11% annually from January to March. This slowing growth is attributed to increased homes for sale and rising interest rates. While San Diego’s housing inventory has seen a slight increase, it remains lower than historical averages, contributing to continued price competition. Despite the shift in rankings, San Diego’s median resale single-family home price was $1 million in May, reflecting the ongoing demand in the market.
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Shirin Rezania Ramos | 858.345.0685 | www.shirinramos.com | Compass, DRE 0203379
