Professors Case and Shiller, proprietors of the most accurate home price index and general purveyors of holiday cheer, revealed this morning that San Diego’s October single family home prices experienced their steepest decline yet.

The lowest tier of their three-tier pricing system, representing the least expensive third of houses sold, declined in price by 3.7 percent from the prior month. The middle tier declined 3.1 percent and the high tier dropped 1.6 percent.

The San Diego aggregate index fell by 2.6 percent, the largest month-over-month drop to date and this month’s worst showing among any city covered by Case and Shiller. Don’t these guys know that everyone wants to live here?

From their respective peaks, prices of low-priced homes have fallen 19.5 percent, mid-priced homes 15.0 percent, and high-priced homes 8.7 percent. The aggregate San Diego index has fallen by 13.3 percent.

Remember, these figures are derived from home sales that occurred in August, September, and October. Given that the price declines have accelerated of late — the size-adjusted median single family home price fell by 3.6 percent in November alone — it is almost assured that the October Case-Shiller numbers are understating the extent of the price decline to date.


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