The Case-Shiller home price index for June indicates that San Diego home prices fell 1.5 percent between May and June. There was an unusual bright spot, however, as the high-priced tier of the index actually didn’t decline for a month. High-priced home rose .3 percent in June, according to Professors Case and Shiller. This may not seem like much but it’s the first actual increase for over a year.
The other tiers didn’t fare so well, as usual. The mid-priced tier was down 1.6 percent for the month and low-priced tier was down 2.4 percent. As I’m fond of pointing out, and as the next graph demonstrates, the different post-bubble performance between high-, mid-, and low-priced homes is the flipside of how nutty each price tier got during the boom.
From their respective peaks, the high tier is down 19.9 percent, the middle tier 31.2 percent, and the low tier 39.5 percent. The aggregate San Diego index is down 29.5 percent from its November 2005 peak.
Check back soon for a long-term comparison of local home prices, rents, and incomes.
— RICH TOSCANO