While the housing-price news was good for most San Diego homeowners in the latest S&P Corelogic Case-Shiller Index, it was great for the city's wealthiest property owners.
Brian D. Luke, who is the head of commodities, real & digital assets for the organization, issued a statement alongside the latest monthly metrics, saying that, nationwide, the so-called low-price tiers in most markets have been the real-estate stars during what he called a "three- and five-year horizon." In California's major markets, though, where the most-expensive high-price tiers in the nation reside, the news is most eye-popping for those showing the bling.
"The relative outperformance of low-price-tiered indices has both benefited first-time homebuyers as well as made it more difficult for those looking for a starter home," Luke is quoted as saying, in part. "The opposite is happening in California, which has the most expensive high-price tiers in the nation, all well over $1 million. The rich are getting richer in San Diego, Los Angeles and San Francisco, where their high-price-tiered indices outperformed on a one- and three-year basis."
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So, how did San Diego do overall in July? According to the 20-city composite index, housing prices ticked up a tenth of a point month-to-month, but San Diego actually entered negative territory, dipping 0.58%. Fret not, Diego: Year-over-year, San Diego home prices are up 7.19%.
Our neighbors to the north suffered similar financial indignities when looking at prices since June: Angelenos' home prices slipped 0.28%, and up in City By the Bay, the tumble was further, -1.09%. Again, however, looking year-over-year, San Franciscans posted gains of 3.38%, and Los Angeles prices jumped 7.23% during those same 12 months.
Nationally, home prices have risen a hair under 5% from July 2023 to July 2024.
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Cleveland — yes, the home of the Rock & Roll Hall of Fame — saw the biggest four-week gains in July, the only metro in the 20-city to break 1.0, climbing to 1.10%. Year-over-year, the top performer nationally was the Big Apple, with New Yorkers seeing gains of 8.76%.
