“We will see house prices continue to 3weaken in different parts of the country, now of course, house prices rose very 4strongly during much of the pandemic. And we’re just 5retracing some of those price gains.”
According to the National Association of Realtors, the price for a single-family 6median home increased 4 percent in the fourth quarter from a year ago, to more than $378,000. But their data also revealed in some markets, prices are actually declining.
San Francisco had the biggest price drop in the country, down 6.1 percent from a year ago, and 21% lower from its peak. A similar 7decline in nearby San Jose, California which was the most expensive place to purchase a home in the US in the fourth quarter with a median price of more than 1.5 million dollars. The latest data finds that price is down 5.8 percent from a year ago and 17% off its peak.
“But 8nonetheless, for, you know, folks that have bought a home in the last 6, 12 months, it’s gonna be somewhat 9painful because they’re gonna see the value of their home fall, you know, here pretty 10significantly.”
In Southern California, home prices in Anaheim were down 1.6 percent from a year ago. And in Los Angeles, prices are down 1.3 percent. Outside of the Golden State, several cities also saw declines including Boulder, Colorado, down 2 percent. Boise, Idaho where prices fell 3.4 percent. And Austin, Texas where prices are down 1.3 percent.
