Home Prices Surged in This West Coast City

By Douglas A. McIntyre Published Jun 26, 7:10AM EDT

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Home Prices Surged in This West Coast City — © Thomas De Wever / iStock via Getty Images

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San Diego was the housing market in which prices rose the most year over year in April.

The value of homes is at record levels and continues to rise. Most estimates put the national average at about $450,000. The reason is that home inventory is extremely small, and despite high mortgage rates, there are still buyers in the market.

The most carefully followed home price measurement is the S&P CoreLogic Case-Shiller Indices, which has measured home prices for over two decades. Its most recent data is for April. Home prices rose 8% from the same period last year. Brian D. Luke, Head of Commodities, Real & Digital Assets at S&P Dow Jones Indices, commented, “2024 is closely tracking the strong start observed last year, where March and April posted the largest rise seen before a slowdown in the summer and fall.”

San Diego was the market in which prices rose the most year over year. The increase in April was 10.3%. The growth is extraordinary since San Diego prices have risen the most over the past 22-plus years among the 20 cities the research traced, just ahead of Miami and Los Angeles.

San Diego’s home prices are part of a long-term pattern. Prices have risen in West Coast cities since the turn of the century. These include increases in San Francisco, Los Angeles, and Seattle. Each market has also experienced a large gain in population.

At the far end of the spectrum, the cities where home increases have been the lowest over the same period, include the old industrial cities of Detroit and Cleveland.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.