Home prices in San Diego County fell 2.8% in August amid a nationwide “deceleration” in real estate appreciation, according to the widely-followed Case-Shiller index released Tuesday.
The August decline followed drops of 2.6% in July and 0.7% in June after steadily rising since the beginning of the pandemic in 2020.
Nationwide home prices fell an average of 1.1% in August following a 0.5% dip in July.
“The growth rate of housing prices peaked in the spring of 2022 and has been declining ever since,” said Craig J. Lazzara, managing director at S&P Dow Jones Indices.
“On a month-over-month basis, the biggest declines occurred on the West Coast, with San Francisco (-4.3%), Seattle (-3.9%), and San Diego (-2.8%) falling the most,” he added.
But he noted that “despite the ongoing deceleration, August’s housing prices remain well above year-ago levels.”
He said the price declines were likely to continue amid rising mortgage rates and “a challenging macroeconomic environment.”