San Diego Home Prices Drop
San Diego Home Prices
The vast majority of today’s real estate headlines proclaim a rise in home prices based on the just released S&P/Case-Shiller Home Price Indices. This is certainly correct on a national basis, but here in San Diego, the Case Shiller index actually showed that San Diego home prices for June 2012 dropped -0.2% when compared to June 2011.
The tiny drop in June 2012 home prices for San Diego, continues the 18 month year-over-year home value drops recorded for San Diego. The good news for San Diego home prices, was that the Case Shiller report also showed a 1.1% increase versus the first quarter of 2012!
It is somewhat concerning that San Diego showed any dropped in home values in the middle of the traditionally strongest seasonal period for home sales activity. The uptick in San Diego home prices is well behind the Case Shiller national average and one of only six of the 20 metro areas tracked by this index to show a year over year drop in home values for June 2012. Luckily the June 2012 drop in home values for San Diego was the smallest of the six declines showed in the Case Shiller index. The largest of the home price declines for June 2012 was in Atlanta, which dropped 12.1%!
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