San Diego Home Prices See Tepid Growth Compared to Other Major Markets

San Diego's housing market remains one of the few with price increases, but growth has slowed significantly compared to a year ago.

Jan. 27, 2026 at 1:55pm

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San Diego's home prices increased 0.32% annually in November, making it the 9th highest-performing market in the 19-city S&P Cotality Case-Shiller Indices report. While prices are still rising, the growth has slowed considerably from the 4.45% increase seen in November 2024. Nationally, home prices were up just 1.4% annually, near the weakest showing since mid-2023, with many major markets seeing declines.

Why it matters

San Diego's relatively stable home prices, even as other major markets see declines, highlights the region's continued desirability. However, the tepid growth also reflects broader economic headwinds impacting the housing market nationwide, including higher mortgage rates and affordability concerns.

The details

The S&P Cotality Case-Shiller Indices report showed that while San Diego's home prices increased 0.32% annually in November, this was a significant slowdown from the 4.45% growth seen a year earlier. Nationally, home prices were up just 1.4% annually, near the weakest showing since mid-2023. Many major markets, including Tampa, Dallas, and Phoenix, saw outright price declines.

  • The S&P Cotality Case-Shiller Indices report was released on January 27, 2026.
  • The report tracked home prices from September through November 2025.

The players

S&P Dow Jones Indices

The company that produces the S&P Cotality Case-Shiller Indices, a leading measure of U.S. home prices.

Nicholas Godec

An analyst at S&P Dow Jones Indices who commented on the latest housing market trends.

Lisa Sturtevant

The chief economist at BrightMLS, who provided analysis on the potential impact of lower mortgage rates on the housing market.

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What they’re saying

“November's results confirm that the housing market has entered a period of tepid growth.”

— Nicholas Godec, Analyst, S&P Dow Jones Indices (sandiegouniontribune.com)

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

— Lisa Sturtevant, Chief Economist, BrightMLS (sandiegouniontribune.com)

What’s next

The Federal Reserve is set to meet on Wednesday to discuss interest rates, which could impact mortgage costs and future housing market activity.

The takeaway

While San Diego's housing market remains one of the few with price growth, the tepid 0.32% annual increase highlights the broader economic headwinds facing the national housing market, including affordability concerns and a potential need for both lower mortgage rates and more price negotiation to spur renewed buyer demand.