San Diego Home Prices

  • 03/29/19
San Diego home prices gain slowest in the nation for the second month in a row. San Diego home prices are on the rise, at 1.3% in a year as of January 2019, which is a drop from January 2018 where home prices were up 7.4%. Compared to the rest of the Nation, San Diego is the slowest out of the 20 cities tracked (see list at the end of the article). The last time San Diego’s annual increases were so slow was July 2012 and the last time San Diego was at the bottom of the index was October 1996.

Experts say that rising home prices slowed across the nation and mortgage rates increased. The most expensive markets are seeing the biggest slowdown. We can compare San Diego to other big dogs like Los Angeles and San Francisco where the metro index rose 2.9% and 1.8%.​​​​​​​


On the other hand, we are seeing low-cost markets with the biggest gains: Las Vegas was up 10.5%, Phoenix was up 7.5% and Minneapolis was up 5.1%. According to David Blitzer, managing director of the index. “In 16 of the 20 cities tracked, price gains were smaller in January 2019 than in January 2018,” some cities were prices surged in 2017 to 2018 now face much smaller increases.”


Steven Thomas, founder of Orange County-based Reports on Housing says 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. He said a rocky stock market and fear of an upcoming recession all played into slowdowns.“People were not in a rush to go purchase something,” Thomas said. “It was just really slow toward the end of the year, which meant January and February closed sales were off compared to last year.”


San Diego Home Prices

The average interest rate for a fixed-rate, 30-year loan last year at this time was around 4.5 percent, said Mortgage News Daily. It reached 5.05 percent in November and was back down around 4.1 percent earlier this week. Thomas said the market was already showing some signs of bouncing back with lower interest rates.

Matthew Speakman, Zillow economic analyst said increased inventory and lower interest rates should give buyers a lot of help in the spring, but they will still face a historically low number of homes for sale and very high prices.

The San Diego Regional Chamber of Commerce said the slowdown in the real estate market has yet to make the region more affordable.


“It’s encouraging that home prices aren’t rising as quickly as they once were,” said Sean Karafin, a vice president with the chamber, in a statement. “But our region is still burdened by costly housing that leaves San Diegans financially squeezed and with limited options.” Nationwide, home prices were up 4.3 percent annually in January. It was the smallest gain in nearly four years.

Thinking of selling your home? Check out my article on how to sell and make a profit


S&P CoreLogic Case-Shiller Indices for January 2018

Yearly increase by city
​​​​​​​

  • Las Vegas — 10.5%
  • Phoenix — 7.5%
  • Minneapolis — 5.115%
  • Tampa — 5.107%
  • Charlotte — 5.103%
  • Denver — 5%
  • Detroit — 5%
  • Atlanta — 4.9%
  • Miami — 4.8%
  • Boston — 4.6%
  • Seattle — 4.1%


  • Cleveland — 3.8%
  • Dallas — 3.8%
  • Portland — 3.3%
  • Washington, D.C. — 3.1%
  • New York — 3%
  • Los Angeles — 2.9%
  • Chicago — 2.4%
  • San Francisco — 1.8%
  • San Diego — 1.3%
  • Nationwide — 4.3%

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