San Diego Home Prices Now Back to October '03 Levels. Prices Decline in May, but at Slower Pace
San Diego existing family home prices were down 1.4 percent in May from April, according to the Case-Shiller home price indices released today (July 29) by Standard & Poor's. Only four of 20 major metro areas did worse: Phoenix (down 2.5%), Miami (-3.6%), Las Vegas (-2.9%), and Los Angeles (-1.9%). However, San Diego's April figure had been -2.6 percent from March, so the rate of decline came down. San Diego housing prices are now down 23.2 percent from a year ago and 28.9 percent from their peak in November of 2005. They are back to their levels of October 2003. "The Sunbelt led by Miami, Tampa, Phoenix, Las Vegas, San Diego and Los Angeles saw the biggest booms and now see the largest declines," says S&P economist David Blitzer.
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