San Diego home prices were down annually for a second month as the region fell in a closely watched real estate index.

The San Diego metropolitan area’s home price decreased 0.66% annually in July, according to the S&P Cotality Case-Shiller Indices report released this week. Prices were down year-over-year by 0.61% the previous month , marking the first time San Diego went negative since June 2023.

San Diego metro, which includes all of San Diego County, was not alone in a downturn. Seven metro areas in the 20-city index were down annually and, nationally, price growth is sluggish.

Experts point to affordability challenges after years of intense price growth, as well as higher mortgage rates, as reasons why the housing market has slowed. Lack of home sales has meant homes are staying

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