Real estate prices in San Diego rise 8.9% in one year – NBC 7 San Diego

According to the S&P CoreLogic Case-Shiller Index, real estate prices in San Diego rose another 0.7 percent between May and June and are up nearly 9 percent since the same period last year.

How healthy is that? Local prices trail only the Big Apple nationally year-over-year in the index's 20 City Composite, with New York up a full 9% while San Diego rose 8.9%.

With real estate prices in San Diego currently hovering around $1 million, this represents a return of nearly $90,000 on homeowners' investments by 2023.

However, according to Brian D. Luke, head of commodities, real and digital assets at S&P Dow Jones Indices, there is a big difference between the two markets.

“New York … has the largest divergence between low-end and high-end prices,” Luke said in a press release issued Tuesday. “New York's high-end homes lag the region's market by 5.1%. Conversely, San Diego has seen the largest increase in high-end home values ​​over the past five years. While the overall San Diego market is up 72% over the past five years, the high-ends have done even better, up 79% while the low-ends are up 63%.”

Money multiplies money, at least in America's most beautiful city.

San Diego and New York's gains stand out from the American average, which is up 5.4% year-over-year. The index's 20 City Composite is up 6.5% since 2023, down 0.4% from the previous month.

As always, Southern California, at least in its largest cities, is a good place to park equity: Our northern neighbors in Los Angeles have nearly matched San Diego's numbers, with a 0.6% month-over-month gain in June and 8.2% since June 2023. The Bay Area, at least San Francisco, was a bit of an outlier, up just a tenth of a percent in June and posting a 4.3% gain since last June.

Let's see if you already knew: The biggest increase in the 20 cities in June? That was Motown, Detroit with an increase of 1.1%, followed by the Windy City and Chi-town, which saw a full point increase month-over-month.

According to Case-Shiller, no city in the composite index was in the red in June – or since this time last year.

The average 30-year fixed-rate mortgage rate was just under 7% at the start of April, then shot up to 7.5% by the end of the month, Mortgage News Daily reports. Rates stayed above 7% before falling back below that level in July. According to CNBC, the 30-year fixed-rate mortgage rate is currently around 6.5%: