The Case-Shiller index of San Diego home prices dropped for all three price tiers in August.  Prices by this measure declined .6 percent for the low-priced tier, .5 percent for the middle tier, .3 percent for the high tier, and .2 percent for the aggregate index.

On a seasonally-adjusted basis, which takes account of typical August strength, the decline was more pronounced, with prices down 1.1 percent for the low tier, .5 percent for the middle and high tiers, and .4 percent for the overall index.  The chart of the seasonally-adjusted numbers gives a better idea of the underlying trend, which has been slowly but steadily down since the big pop into the stimulus laden spring and summer of 2010.

Here is a chart showing the Case-Shiller series since their peaks in 2005 or 2006, depending on which one you are talking about:

And here is that same chart adjusted for inflation.  In real terms, San Diego housing has gone nowhere since the initial trough in early 2009:

The entire sweep of housing’s rise and fall (so far) this decade can be seen in this chart of inflation-adjusted prices going back to the earliest available data in 1989:

Rich Toscano is a financial advisor with Pacific Capital Associates*.  He can be contacted at

Rich Toscano has been observing the housing market for Voice of San Diego, with the occasional prolonged absence, since 2006. Follow him on Twitter at...

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