Cooling Off? Bay Area Home Prices Dip Slightly In October

SAN FRANCISCO (CBS SF) -- Home prices in San Francisco fell in October, compared with a year ago, according to the S&P CoreLogic Case-Shiller Index released Tuesday.

San Francisco home prices slipped 0.4 percent compared with October 2018. Prices in Los Angeles and San Diego rose 2 percent and 2.9 percent.

Nationwide prices rose 3.3 percent in October. The highest gain among 20 cities in a composite index was 5.8 percent in Phoenix.

San Francisco was the only one of 20 cities in the composite index to see an annual decline in prices in October.

The Case-Shiller report comes on the same day that real estate website Zillow released a survey of 110 economists and real estate experts predicting the Bay Area market to keep cooling off in 2020.

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On average, the experts surveyed by Zillow expected U.S. home values to grow by 2.8 percent in the coming year. More than 60 percent of those surveyed were predicting that the San Francisco and San Jose would underperform the national average.

"Having subjected buyers to a crucible of fierce competition for multiple years, many West Coast markets hit an affordability ceiling that set off declining home values in the most expensive of these," said Skylar Olsen, Zillow's director of economic research.

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