September home prices in San Diego were down 5.4 percent from September 2010 and down 0.8 percent from August, the latest figures in the Standard & Poor’s Case-Shiller Home Price Index showed today.
The monthly drop was the second in a row after four months of increases.
The S&P Indices took home prices in 20 markets in January 2000 and assigned them a value of 100, and tracked the subsequent growth or decline.
San Diego’s index value in September was 153.72, which ranks fifth behind Washington, D.C., New York, Los Angeles and Boston.
Atlanta, Detroit and Las Vegas are the three markets which have fallen below 100 in the past 11 years, indicating seriously hampered markets.
“Over the last year, home prices in most cities drifted lower,” said David Blitzer, chairman of S&P Index Committee.
He said the “plunging collapse of prices seen in 2007-2009 seems to be behind us.”
New York, Portland and Washington, D.C. were the only markets to record price increases between August and September, according to the index.
– City News Service