Lucky San Diegans who own detached single-family homes will be happy to hear that the value of their houses has continued to rise, more so even than im any other major city in the country.
San Diego home prices were up 8.8% year over year, according to the S&P/Case-Shiller Home Price Index for December 2023. That's compared with a 5.5% increase nationally.
San Diego Real Estate News
The previous month's year-to-year countrywide spike in home values was lower, however, at 5.0%, according to researchers, while the 10-City Composite Index posted a gain of 7.0%.
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"San Diego reported the highest year-over-year gain among the 20 cities with an 8.8% increase in December, followed by Los Angeles and Detroit, each with an 8.3% increase," the housing index posted in a news release issued earlier this week.
The news was not great everywhere, though: For example, homeowners in Portland, Oregon, only saw a meek gain of 0.3%
“U.S. home prices faced significant headwinds in the fourth quarter of 2023,” Brian D. Luke, who is the head of commodities, real & digital Assets at S&P Dow Jones Indices, said in the news release. “However, on a seasonally adjusted basis, the S&P Case-Shiller Home Price Indices continued its streak of seven consecutive record highs in 2023. Ten of 20 markets beat prior records, with San Diego registering an 8.8% gain and Las Vegas the fastest rising market in December, after accounting for seasonal impacts.”
The numbers show, however, that when looking at month-to-month, home prices dipped 0.8% in San Diego between November and December 2023. Nationally, that trend was even worse, slipping 0.3% in the Composite 20-City Index.
The median listing home price in San Diego is $949,000, with a median listing home price of $730 per square foot, according to Realtor.com,
