San Diego home prices rose slightly in April but failed to keep up with inflation for the 17th month.
The San Diego metropolitan area’s home price increased 1.05% annually in April, according to the S&P Cotality Case-Shiller Indices report released Tuesday. Annual inflation in the San Diego metro area, which includes all of San Diego County, has been more than 3% since March.
A similar scenario played out throughout the nation as home values in real terms, or adjusted for inflation, have not kept up with rising prices for 11 months. Home price gains were 0.85% annually.
“With inflation accelerating to 3.8% in April,” said Nicholas Godec, of the S&P Dow Jones Indices, “U.S. home values have now declined in real terms for an 11th straight month, further eroding inflation-adjusted housing wealth.”
There were big differences across the nation in the 20-city index. Chicago was up 6.52% annually, followed by New York, up 3.82%, and Cleveland, up 3.18%. At the lower end, Seattle was down 2.26% annually, along with Denver, down 1.85%, and Tampa, down 1.77%. Detroit was left off the index because of reporting delays.
The Case-Shiller index tracks repeat sales of identical single-family houses — and is seasonally adjusted — as they turn over through the years. It uses a three-month rolling average and is often seen as a bellwether of the economy as a whole.
San Diego County’s median home price for single-family homes has been $1 million since the start of the year, according to Attom Data Solutions. The median is the point at which half the homes sold for more and half for less.
Anthony Smith, senior economist at Realtor.com, says that markets with limited homes for sale, like San Diego, are likely to still see price gains. However, he predicted higher mortgage rates may affect the market going forward.
“The rate environment has shifted meaningfully from the brief sub-6% window earlier this year,” he wrote in his analysis for the real estate site, “introducing fresh headwinds as the summer market takes shape.”
The average 30-year, fixed-rate mortgage rate hit a low this year of 5.98% in late February, according to Freddie Mac. It was up to an average 6.54% by Tuesday morning, said Mortgage News Daily.
There were roughly 8,200 homes listed for sale in San Diego County in April, said the Redfin Data Center. That compares to about 8,500 at the same time last year, 6,000 in 2024 and 4,800 in 2023.
Housing affordability has continued to be a hot-button issue in politics. A bipartisan housing bill approved in Congress was shot down by President Donald Trump last week. The president said he would only sign the legislation if Congress passed a voter ID law, which is opposed by many lawmakers.
The housing bill aimed to limit large institutional investors from buying single-family homes, streamline environmental reviews and implement new rules to lower the cost and cut red tape for manufactured homes, or those built off-site.
Annual price growth by metropolitan area
S&P Cotality Case-Shiller Home Price Index, April 2026
Chicago: 6.52%New York: 3.82%Cleveland: 3.18%Boston: 2.11%Minneapolis: 2.02%San Francisco: 1.30%Miami: 1.10%San Diego: 1.05%Charlotte: 1.01%Washington, D.C.: 0.17%Atlanta: -0.13%Portland: -0.42%Los Angeles-Anaheim: -0.45%Dallas: -1.57%Phoenix: -1.65%Las Vegas: -1.66%Tampa: -1.77%Denver: -1.87%Seattle: -2.26%Detroit: N/A
National: 0.85%