San Diego home prices slightly increased in January

Home prices in San Diego saw a slight increase of 0.14% in January, marking the beginning of the year on a positive note. However, this growth is still below the national average. According to the Case-Shiller Index, the increase follows six months of declining prices. In December, the initial reported growth was 0.6%, but it has been revised to a decline of 0.03%. Year-over-year, home prices in San Diego rose by 3.39%, compared to a national average of 4.08%. Experts note that most price increases occurred in the first half of 2024. Rising mortgage rates have made housing less affordable, leading to cautious behavior among buyers and sellers. Nicholas Godec from S&P Dow Jones Indices emphasized that while residential real estate is still a valuable investment, it is highly sensitive to shifts in financing and affordability.