‘A period of tepid growth’: Here’s how San Diego’s home market compares to other cities

San Diego’s home market might be slow, but compared to the rest of the U.S., it’s still one of the few markets with price growth.

The San Diego metropolitan area’s home price increased 0.32% annually in November, said the S&P Cotality Case-Shiller Indices report released Tuesday. The region was No. 9 in the October 19-city index, its highest showing since December 2024. (Detroit was missing again in this report because of local recording issues).

There wasn’t a substantial increase in prices, but the San Diego metro — which includes all of San Diego County — didn’t see its fortunes fade as much as other cities. However, prices were still rising more slowly than they were 12 months ago: San Diego was up 4.45% in November 2024.

National home prices were up 1.4% in November, the report said, which was near the weakest showing since summer 2023. The top markets were Chicago, up 5.71% annually, and New York, up 5%.

Nine of the metro areas on the index were negative. Tampa had the biggest drop, down 3.86%, and was followed by Dallas, down 1.42%, and Phoenix, down 1.36%.

“November’s results confirm that the housing market has entered a period of tepid growth,” said Nicholas Godec of the S&P Dow Jones Indices. “National home prices were only 1.4% higher than a year ago, unchanged from October’s annual pace and still near the weakest showing since mid-2023.”

The Case-Shiller index tracks repeat sales of identical single-family houses — and is seasonally adjusted — as they turn over through the years. It is often seen as a bellwether of the economy as a whole.

San Diego County’s median home price for single-family homes in November was $990,000, according to Attom Data Solutions. The median is the point at which half the homes sold for more and half for less.

The index uses a three-month rolling average, so it included sales from September through November. Buyers may have benefited from mortgage rates hitting lows near 6% during this time, said Realtor.com senior economist Anthony Smith.

“That rate relief likely helped stabilize buyer sentiment into the fall, though rate lock-in and elevated prices continued to limit overall market turnover,” he said. “Recent housing activity suggests demand is improving only modestly.”

The Federal Reserve was set to meet Wednesday to discuss interest rates, which can reduce borrowing costs for homes, cars and other big-ticket items. While many analysts predicted the Fed would not cut rates, it may give some indication on when it will in the future.

While lower mortgage rates often mean home prices go up, because more people jump in the market and start driving up prices, some economists aren’t so sure that will take place in the current environment. Lisa Sturtevant, a chief economist at BrightMLS, said it’s possible both prices and mortgage rates fall this year.

“Would-be buyers have hit an affordability ceiling,” she said, “and they are looking for both lower rates and more price negotiation to get into the market.”

Annual price growth by metropolitan area

S&P/Case-Shiller Home Price Index, November 2025

Chicago: 5.71%New York: 5.03%Cleveland: 3.36%Minneapolis: 2.86%Boston: 1.77%Los Angeles-Anaheim: 0.44%San Francisco: 0.41%Charlotte: 0.34%San Diego: 0.32%Washington, D.C.: 0.26%Atlanta: -0.02%Seattle: -0.14%Las Vegas: -0.43%Portland: -0.63%Miami: -1.05%Denver: -1.31%Phoenix: -1.36%Dallas: -1.42%Tampa: -3.86%Detroit: N/A

National: 1.36%