San Diego Home Prices Up nearly 20% in a Year

San Diego home prices increased 19.1 percent in a year as of March and outpaced nearly every city in the nation.

Nationwide average price increases in the 20-city index were 13.2 percent as of March, the S&P CoreLogic Case-Shiller Indices reported. It was a rate of increase not seen since December 2005. Phoenix was the only metro to have a faster gain than San Diego at 20 percent.

San Diego’s substantial increase reflects a full year of pandemic pricing from March 2020 to March 2021. The year was marked by a surge in demand from stay-at-home workers, low mortgage rates and national housing shortages.

Zillow economist Matthew Speakman wrote that the number of homes for sale across the nation has started to increase, which many experts had predicted would slow price gains. However, he said that anticipated relief has not materialized — especially as much of the economy reopens and encourages potential buyers.

“All told, there is little, if any, indication that home prices will slow their appreciation anytime soon,” he wrote.

San Diego has had the fastest increases in prices of any California market since June 2019. In March, prices were up 13.4 percent in Los Angeles and 12.2 percent in San Francisco.

Selma Hepp, CoreLogic deputy chief economist, wrote in an analysis that the nationwide inventory of homes has been declining for a decade as the U.S. population increased. She said prices tended to go up the most in areas where employment gain outpaced new home construction.

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S&P CoreLogic Case-Shiller Indices

Yearly increase by metropolitan area

Phoenix: 20 percent
San Diego: 19.1 percent
Seattle: 18.3 percent
Boston: 14.9 percent
Tampa: 13.7 percent
Charlotte: 13.5 percent
Portland: 13.5 percent
Dallas: 13.4 percent
Denver: 13.4 percent
Los Angeles: 13.4 percent
Cleveland: 12.9 percent
New York: 12.3 percent
Miami: 12.2 percent
San Francisco: 12.2 percent
Washington, D.C.: 12.2 percent
Detroit: 12.1 percent
Atlanta: 11.2 percent
Minneapolis: 11 percent
Las Vegas: 10.6 percent
Chicago: 9 percent
Nationwide: 13.2 percent