San Diego house costs fell in January for the eighth straight month, although the decline was lower than the nationwide common, based on the authoritative Case-Shiller Index launched Tuesday.
The index confirmed a 0.4% decline, barely lower than the 0.5% nationwide common.
However native costs are actually 1.3% decrease than a yr in the past, that means householders have misplaced all value appreciation over the previous yr.
“January’s market weak point was broadly primarily based,” mentioned Craig J. Lazzara, managing director of S&P Dow Jones Indices. “Nineteen cities registered a decline.”
He famous “the continued weak point in house costs on the West Coast, as San Diego and Portland joined San Francisco and Seattle in detrimental year-over-year territory.”
The Southeast stays the nation’s strongest area with a ten.2% enhance in costs over the previous yr, based on the index, whereas the West is the weakest with a 1.5% decline.
Lazzara mentioned excessive rates of interest and the prospect of a recession will “stay a headwind for housing costs for at the very least the following a number of months.”
However Zillow, the web actual property service, was extra optimistic, with Senior Economist Jeff Tucker saying different information in January “confirmed the primary indications of a spring thaw within the New 12 months.”