San Diego is one of the few U.S. markets where home prices are still rising

San Diego home prices haven’t risen much in the past year, but that growth is still more than most of the U.S.

The San Diego metropolitan area's home price increased 0.53% annually in February, according to the S&P Cotality Case-Shiller Indices report released Tuesday.

That ranks San Diego No.7 in the index after being first or second for much of late 2023 and the first half of 2024 when its growth was 9% to 11% annually. Yet even with its small increase, the San Diego metro area, which includes all of San Diego County, was the only California market in February where prices still rose.

Average national price gains were 0.67% in February, outpacing San Diego. But 12 of the 19 metro areas in the closely watched index were negative.

Many of the hottest markets a few years ago were near the bottom of the index. Denver prices were down 2.18% annually, followed by Tampa and Seattle, both down 2%. Chicago beat the trend, with prices up 5%. New York was also up, 4.7%, and Cleveland, 4.2%.

Nicholas Godec of the S&P Dow Jones Indices noted that many markets - like San Diego - have seen gains wiped out by inflation, which was 2.4% nationally in February. Inflation has outpaced national price gains for nine months.

Study: San Diego is the fifth-most expensive housing market in the nation

“The housing slowdown has broadened well beyond its Sun Belt origins,” Godec said.

States in the Sun Belt, which includes Florida, Texas and Arizona, were the first markets to start seeing prices decline last year. Metro areas in those states were still down in February but were were joined by many more regions.

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

San Diego County's median home price for single-family homes in February was $1 million, according to Attom Data Solutions. The median is the point at which half the homes sold for more and half for less.

Anthony Smith, senior economist at Realtor.com, said shoppers entering the spring buying season will have mortgage rates lower than last year and, in most cases, more homes to choose from.

“Whether those conditions translate into a meaningful demand pickup,” he said, “will depend on how geopolitical uncertainty and consumer confidence evolve through the season.”

The average 30-year, fixed-rate mortgage rate was 5.98% in the last week of February, according to Freddie Mac. Rates hit 6.46% in early April but were down to 6.23% last week. Despite the up-and-down rates, they are lower than last April when the average neared 7%.

There were about 5,180 homes listed for sale in February in San Diego County, according to Redfin. That's about the same as February 2025 but more than shoppers faced in past years - 3,600 in 2024 and 3,300 in 2023.

Another real estate report making the rounds this week didn’t paint a rosy picture of the Golden State. A study from the California Policy Lab at UC Berkeley said Californians who leave the state can save up to $672 a month on housing. Using data that anonymously tracks the same households over time from 2016 to 2025, the institute crunched the numbers for costs in metro areas where Californians relocated.

Most Californians in the study moved to Nevada, Idaho, Oregon and Arizona. Proximity appeared to be one of the biggest factors, in addition to lower costs. States where Californians moved to the least were Massachusetts, Illinois and New Jersey.

“One thing is clear,” the report said, “Californians are moving to more affordable locations.”

Annual price growth by metropolitan area

S&P Cotality Case-Shiller Home Price Index, February 2026

Chicago: 5.04%New York: 4.74%Cleveland: 4.15%Minneapolis: 2.10%Charlotte: 0.98%Boston: 0.81%San Diego: 0.53%Miami: -0.03%Washington, D.C.: -0.13%Atlanta: -0.29%San Francisco: -0.30%Los Angeles-Anaheim: -0.84%Portland: -0.86%Las Vegas: -1.09%Dallas: -1.74%Phoenix: -1.78%Seattle: -2.03%Tampa: -2.06%Denver: -2.18%Detroit: No dataNational: 0.67%

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This story was originally published April 28, 2026 at 11:57 AM.