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Over Year, SD Prices Down 20.5 Percent

Published: Tuesday, May 27, 2008 11:19 AM PDT


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San Diego County home prices dropped 20.5 percent year-over-year and 25.4 percent from the November 2005 peak, according to the Standard & Poor's/Case-Shiller March 2008 home price index released this morning.

The index showed the largest and most rapid declines in homes priced less than $392,045. But prices continued a significant downward trend in the highest tier -- those homes selling for more than $588,222.

Here's the tier breakdown:

  • Lowest tier (Homes priced lower than $392,045): Prices fell 28.9 percent year-over-year and 33.9 percent from this tier's peak in June 2006.


  • Middle tier (Homes priced between $392,045 and $588,222): Prices fell 21.5 percent compared to March 2007 and 27.8 percent from this tier's peak in November 2005.


  • Highest tier (Over $588,222): Prices fell 13.3 percent year-over-year and 18 percent from this tier's peak in June 2006.

    • The index measures price changes on the same houses over the years. It doesn't track condos or new homes.

    San Diego's price declines contributed to a record plunge for the national index. From the Standard & Poor's press release:

    The decline in the S&P/Case-Shiller U.S. National Home Price Index -- which covers all nine U.S. census divisions -- reached well into double digits, recording a 14.1% decline in the 1st quarter of 2008 versus the 1st quarter of 2007, the largest in the series 20-year history. As a comparison, during the 1990-91 housing recession the annual rate bottomed at -2.8%. ...

    "The steep downturn in residential real estate continues," says David M. Blitzer, Chairman of the Index committee at Standard & Poor’s. "There are very few silver linings that one can see in the data."

    Check back for more on this later.

    -- KELLY BENNETT
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