US: San Francisco Home Prices hit Record Lows since Jan 2012



The American housing market has experienced a significant downturn in the past few months, with record drops in home prices across several states, according to real estate companies' data.

The American housing market has experienced a significant downturn in the past few months, with record drops in home prices across several states, according to real estate companies' data. This decline follows nearly a decade of growth, with April marking the third consecutive month of decline in home prices across the country compared to the same period in 2022.

One of the most significant drops occurred in San Francisco, where the median house price is now $220,000 lower than it was in 2022, wiping out 13.4% of equity. Oakland also saw a 16.1% decrease in house prices, while Austin, Boise City, and Salt Lake City noted respective drops of 15.3%, 15.1%, and 10.9%.

US: San Francisco Home Prices hit Record Lows since Jan 2012ph: instagram@thekrishnanteam

These downturns reflect macroeconomic factors such as higher mortgage rates and bearish outlook, besides local factors reversing some of the major bull runs seen over the past few years. It is noteworthy that the discounts observed in cities like San Francisco, Oakland, Austin, and Boise are four to five times higher than the national average.

The decline in home prices is also affecting tech cities and pandemic boom towns, where homes that didn't sell were mostly located. Along with the decline in prices, there has been a significant decrease in the number of closed sales or transfers of ownership in San Jose, San Francisco, Stockton, and Oakland.

Experts predict that this trend may continue for a while before stabilizing, which means many buyers can benefit from the dip in prices. However, it should be noted that the housing market varies greatly by location, and potential homebuyers need to evaluate the situation carefully. Ultimately, this downturn represents an opportunity for some while posing challenges for others, especially those who bought houses at the peak of the market.

US: San Francisco Home Prices hit Record Lows since Jan 2012

Support Ogusyis by making a contribution – no matter how small.


Enter your amount
£
Enter your amount
£
Enter your amount
£
Yourname
Email
Phone


Dutch Home Prices to Rise 14% by End 2026; De Nederlandsche Bank Predicts No Recession

De Nederlandsche Bank forecasts a 6% increase in Dutch home prices this year, with a steady 4% rise in the next two years. No more fear of recession for the Dutch economy.

De Nederlandsche Bank forecasts a 6% increase in Dutch home prices this year, with a steady 4% rise in the next two years. No more fear of recession for the Dutch economy.

Read more

Discover Why Costa Blanca Still a Top Choice for Foreign House Buyers in Spain

Discover why ALICANTE province, particularly the Costa Blanca, remains a top destination for foreign investors looking to invest in real estate in Spain, with 44% of property transactions in 2023 carried out by non-Spaniards.

Discover why ALICANTE province, particularly the Costa Blanca, remains a top destination for foreign investors looking to invest in real estate in Spain, with 44% of property transactions in 2023 carried out by non-Spaniards.

Read more

America's Rental Market: Regions with Climbing and Falling Rents

Discover the latest data on rental market trends in America, including regions where rents are on the rise and where they are falling.

Discover the latest data on rental market trends in America, including regions where rents are on the rise and where they are falling.

Read more

Purpose-Built Rentals: The Future of Commercial Real Estate?

Discover the future of commercial real estate with purpose-built rentals as highlighted in the latest Re/Max report. Explore how landlords are shifting towards this trend for increased density and profitability.

Discover the future of commercial real estate with purpose-built rentals as highlighted in the latest Re/Max report. Explore how landlords are shifting towards this trend for increased density and profitability.

Read more

US Homeowners Experience Near-Record Highs in Home Equity Growth

Discover the latest CoreLogic report findings showing US homeowners gaining an average of $28,000 in home equity over the past year.

Discover the latest CoreLogic report findings showing US homeowners gaining an average of $28,000 in home equity over the past year.

Read more

Rare Low-Rise City Centre Homes Portfolio Hits UK Residential Real Estate Market

Explore the latest update on the UK residential real estate market with the launch of a unique portfolio of 262 single-family houses in city centres, designed for institutional ownership in the UK rental real estate market.

Explore the latest update on the UK residential real estate market with the launch of a unique portfolio of 262 single-family houses in city centres, designed for institutional ownership in the UK rental real estate market.

Read more

Rise in Landlords Investing in Semi-Commercial Real Estate

Discover why investors are flocking to semi-commercial real estate, with applications doubling in 2024. Learn more in our latest blog post.

Discover why investors are flocking to semi-commercial real estate, with applications doubling in 2024. Learn more in our latest blog post.

Read more

Nearly Half of Landlords Planning to Buy More Properties | Landbay Survey

Landbay's latest survey shows strong landlord demand, with nearly half looking to purchase more properties in the next year.

Landbay\'s latest survey shows strong landlord demand, with nearly half looking to purchase more properties in the next year.

Read more

Canada: Montreal Home Sales Increase as Prices Surge

The Montreal real estate market sees a rise in home sales, with prices on the upswing. Find out more about the latest trends in the region.

The Montreal real estate market sees a rise in home sales, with prices on the upswing. Find out more about the latest trends in the region.

Read more

Copyright © Ogusyis. All rights reserved. The Content may not be copied, distributed,  republished, uploaded, posted or transmitted in any way without the prior written consent of Ogusyis.