Posted On: February 12th, 2023 6:23PM
Map: Here's where home prices are dropping the most...
Homebuyers are finally gaining leverage in the housing market, but where they can get the best discounts on home prices varies from metro to metro.
Some of the most popular pandemic boomtowns such as Phoenix and Seattle, plus perennially popular West Coast cities like San Jose and San Francisco, posted home price declines of more than 10% from their 2022 peaks, according to December data from mortgage technology and data provider Black Knight Inc. That outpaced the average national decline of 5.3%, off their June 2022 peaks.
After mortgage rates surged to nearly 7% last year, home price growth began to slump across the country. As of December 2022, home prices had registered their sixth consecutive monthly decline – and Black Knight predicts those decreases will likely extend through 2023.
Approximately 14 of the 50 largest markets are already showing signs of a sharp cooldown, the report found, with home prices falling by an average 6% or more from their 2022 peaks on a seasonally-adjusted basis. Among the metros evaluated, prices declined at a sharper rate in the West.
San Francisco took the lead, with home prices there down 13% in December 2022 from their peak, Black Knight data showed. This was followed by San Jose ( down 12.7%), Seattle (down 11.3%), and Phoenix ( down 10.5%).
Still, home prices remain elevated for many homebuyers. For instance, the median home listing price in San Francisco was $1.3 million at year-end, according to Realtor.com, still up 3.7% year over year. However, the average home sold at $1.25 million, or 3.8% off the median listing price.
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Map: Here's where home prices are dropping the most (yahoo.com)