A new study out of UCSD shows that housing prices in San Diego are projected to drop about 12% in 2023.
San Diego is among the top five cities that are predicted to have the biggest decreases in home prices across the U.S.
According to Allan Timmerman of UCSD's Rady School of Management, which conducted the study, San Diego housing prices are dropping faster than the national average, because "it's where the market overheated the most the during the pandemic."
The top five cities with the steepest predicted drops all are in the western part of the U.S.:
- Phoenix, Arizona - down 18%
- Stockton, California - down 13%
- Las Vegas, Nevada - down 13%
- San Diego, California - down 12%
- Tucson, Arizona - down 11%