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The Case-Shiller index of San Diego home prices was up by .7 percent between June and July. Continuing the typical post-bust pattern, the high-priced tier (the most expensive one-third of homes sold) was notably weaker than the low-priced tier, with the middle tier splitting the difference. To put some exact numbers on it: the low tier increased by 1.2 percent, the middle tier by .8 percent, and the high tier by .3 percent for the month.
The high tier’s weak recovery is the flipside of its far shallower plunge during the bust. Here’s how prices looked since the peak of the bubble in late 2005:
If my prediction from earlier this month proves correct, the Case-Shiller aggregate index for San Diego will decline in August for the first time since April 2009.
Please contact Rich Toscano at firstname.lastname@example.org and follow him on Twitter at http://twitter.com/richtoscano.