TOP 3 CITIES WHERE HOME PRICES DROPPED

TOP 3 CITIES WHERE HOME PRICES DROPPED

Have you noticed home prices drop in your neighborhood? You’re not alone! The United States housing market has experienced an overall slowdown. Many are calling this the Covid effect. Appreciation rates skyrocketed during the crisis. The value of a home increased dramatically when people experienced a lockdown.

Home values are moving toward stabilization as we move further away from the Covid crisis. The past appreciation rate increase that had so many homeowners shocked has ended. Buyers were being pushed out of their financial ability to purchase.

Now that we see home values moving back down, buyers should be slowly able to secure their home purchase once again.

Here are the top three cities that experienced the most significant home prices drop last year;

1. San Francisco, California
Price change from July to August: -4.3%

All three cities are on the west coast. San Francisco tops the list with the sharpest decrease. Employment and quality of living are at the top of the buyer’s priority list for 2023. They are shopping for places to live that will give them both.

2. Seattle, Washington
Price change from July to August: -3.9%

Seattle has substantial employment, but public safety seems like something other than priority number one. Residence complains they would like to be more green and bike to work. However, they say they don’t feel safe due to a growing homeless population.

3. San Diego, California
Price change from July to August: -2.8%

San Diego could be called “Sun Diego” for its beautiful sunny weather year-round. However, increased border issues continue to drive buyers away from this would-be oasis. Once again, safety is buyer priority number one for 2023.

Overall, the housing market’s slowdown is considered a positive. The Covid effect appreciation rate steep increase has to come to a slow down. This has happened and will likely continue through 2023 as the market works toward stabilization.

Data Source: S&P; CoreLogic Case-Shiller Index.

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