San Diego Home Prices Down 38 Percent from Peak Three Years Ago
November home prices in the 20 major metro areas were down a record 18.2 percent compared with a year earlier, according to Case-Shiller Home Price Indices released this morning (Jan. 27) by Standard & Poor's. San Diego did worse: the county's home prices were down 25.8 percent from November of last year. That decline was topped by only five cities: Phoenix (down 32.9 percent), Las Vegas (31.6), San Francisco (30.8), Miami (28.7) and Los Angeles (26.9). These six metro areas, which were grossly overbuilt, generally in condos, have consistently been the biggest monthly decliners. San Diego prices are now down 38 percent from their peak in November of 2005. There was one piece of possibly encouraging news: San Diego's drop of 2.3 percent from October to November of this year was less than the drop of 3 percent between September and October.
More like this:
- Local Home Prices Continue Dropping — May 26, 2009
- San Diego Home Prices Still Plunging, but There Are Some Signs of Moderating Declines — Feb. 24, 2009
- San Diego Home Prices Back to Levels of March '03, Down 36% from '05 Peak — Dec. 30, 2008
- San Diego Single Family Home Prices Have Now Plunged 30 Percent from Their 2005 Peak — Aug. 26, 2008
- San Diego Home Prices Now Back to October '03 Levels. Prices Decline in May, but at Slower Pace — July 29, 2008