Home Prices Surged in This West Coast City

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• San Diego was the housing market in which prices rose the most year over year in April.

The value of homes is at record levels and continues to rise. Most estimates put the national average at about $450,000. The reason is that home inventory is extremely small, and despite high mortgage rates, there are still buyers in the market.

The most carefully followed home price measurement is the S&P CoreLogic Case-Shiller Indices, which has measured home prices for over two decades. Its most recent data is for April. Home prices rose 8% from the same period last year. Brian D. Luke, Head of Commodities, Real & Digital Assets at S&P Dow Jones Indices, commented , “2024 is closely tracking the strong start observed last year, where March and April posted the largest rise seen before a slowdown in the summer and fall.”

San Diego was the market in which prices rose the most year over year. The increase in April was 10.3%. The growth is extraordinary since San Diego prices have risen the most over the past 22-plus years among the 20 cities the research traced, just ahead of Miami and Los Angeles.

San Diego’s home prices are part of a long-term pattern. Prices have risen in West Coast cities since the turn of the century. These include increases in San Francisco, Los Angeles, and Seattle. Each market has also experienced a large gain in population.

At the far end of the spectrum, the cities where home increases have been the lowest over the same period, include the old industrial cities of Detroit and Cleveland.

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