Case-Shiller Index: San Diego Continues to Lead Nation in Annual Home Price Increase

The authoritative Case-Shiller Index released Tuesday showed San Diego continuing to lead the nation in annual home price increase through April, though other large metro areas recorded bigger monthly gains.

Local home prices were 10.3% higher in April than a year ago, and 1.2% more than in March.

“Thirteen markets are currently at all-time highs and San Diego reigns supreme once again, topping annual returns for the last six months,” said Brian D. Luke of S&P Dow Jones Indices.

But the monthly increase for San Diego was only the 12th highest among the 20 largest metro areas, with Boston leading at 2.2%.

Luke noted the potential for a general a slowdown in home price increases as the summer begins.

“This month, just over half of our markets are seeing prices accelerate on a monthly basis,” he said. “The index has decelerated from the start of the year, with only two markets rising on an annual basis.”

Zillow’s chief economist, Orphe Divounguy, also noted the slowdown, saying, “Price growth fell flat as mortgage rates spiked above 7% in April. While sellers continued to return, buyers seemed to be more cautious in their approach.”