The city with the fastest-rising home prices in the U.S. for the past six months has now been surpassed. According to the latest S&P CoreLogic Case-Shiller Indices report, New York has overtaken San Diego as the city with the fastest-growing single-family home prices as of May.
San Diego, historically one of Southern California’s more affordable major cities, has seen a dramatic shift. As of May, the median single-family home price in San Diego County exceeded $1 million, marking a 9% increase from the previous year. Los Angeles has also experienced significant price increases, with home prices rising 8.4% in May 2024, placing it fourth nationwide for price growth.
In contrast, San Francisco’s home price growth has been slower compared to many other major cities, including Chicago, Boston, and Seattle. It ranked 15th with a growth rate of 4.3% since 2023, although it still surpasses Denver and Portland in terms of growth.
Despite mortgage rates remaining around 7%, home prices have continued to rise across all cities included in the report. San Diego, in particular, has seen a sharp increase in rents, ranking as one of the most expensive cities in the nation according to Zillow.
Statewide, California’s median home price exceeded $900,000 for the first time in April, based on data from the California Association of Realtors. While the S&P CoreLogic Case-Shiller Indices focuses on larger metropolitan areas, Redfin data earlier this year indicated substantial year-over-year price growth in smaller California cities such as Tustin, Coachella, and Chowchilla.
