Another new record! But we are cruising into Plateau City. From cnbc.com:
Homebuyers are pulling back, and prices are finally following.
Home prices are still rising, but the gains are shrinking. In June, prices nationally rose 6.2 percent year over year, according to the S&P CoreLogic Case-Shiller Indices. That is down from the 6.4 percent annual gain in May.
Home prices in the nation’s 10 largest housing markets rose 6 percent annually, down from 6.2 percent in the previous month. In the 20 largest markets, prices were up 6.3 percent, down from 6.5 percent in May.
“Even as home prices keep climbing, we are seeing signs that growth is easing in the housing market,” said David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, in a release. “Sales of both new and existing homes are roughly flat over the last six months amidst news stories of an increase in the number of homes for sale in some markets.”
San Diego Non-Seasonally-Adjusted CSI changes:
The previous peak was 250.34 in November, 2005. We are 3% above that now. We can probably expect the SDCSI to cool down in the second half of the year, just like it did the last two years!
Let’s note that in 4Q17, the cumulative change for the index was -0.1%.