San Diego has been the #1 market in America for the last six months! But the momentum is slowing (the previous blog post that showed +4.6% must have been for April-Jun).
San Diego Case-Shiller Index
The San Diego Case-Shiller Index is at an all-time high, and is 75% higher than it was in November, 2005 which was the peak before the GFC.
The 20-City Composite posted a year-over-year increase of 7.2%, dropping from a 7.5% increase in the previous month. San Diego continued to report the highest annual gain among the 20 cities in April with a 10.3% increase this month, followed by New York and Chicago, with increases of 9.4% and 8.7%.
First blow by the coordinated brokerages to sue for change – hopefully more to come shortly vs NAR settlement:
Brokerage defendants including Compass, eXp Realty, Redfin, Weichert Realtors and United Real Estate have filed a joint motion to dismiss the lawsuit known as Batton 2, according to reports on Wednesday.
In the motion, filed June 21, attorneys for the defendants called the lawsuit lodged by homebuyers an attempt to “try to parrot the allegations they made in an amended complaint filed against completely different defendants in another case, and hope that is enough for their claims to survive here.
BEHIND THE NEWS: The reference to the other case is Batton 1, a lawsuit filed by homebuyers against the National Association of Realtors (NAR), Keller Williams, RE/MAX and Anywhere, which alleged that NAR’s rules inflated agent commissions and led to homebuyers paying higher home prices, violating state and federal antitrust laws.
In the new filing, defendants in Batton 2 argued that plaintiffs in the case “lack standing” to sue the group of brokerages under federal antitrust laws. They also argued that the court lacked jurisdiction over the plaintiffs in the case.