Although median home prices remain close to record highs in many cities, some of the country’s priciest metro areas are seeing home prices plummet.
As the housing market finally begins to cool, Alice Kantor, writing for Bloomberg, describes the patterns emerging in the nation’s metro areas. According to Kantor, “The 10 fastest-cooling markets are almost entirely in the West, with Seattle, Las Vegas, and the three California cities of San Jose, San Diego and Sacramento leading the way.”
Cities that experienced sharp rises in housing costs during the pandemic, such as Las Vegas, are seeing the fastest drops in prices. “In Seattle, about 34% fewer homes sold during a two-week period in August compared to a year earlier, and the typical home sold at prices 5% higher than last year, compared to a 23% year-on-year price increase just six months prior.”
Many cities remain out of reach for the majority of homebuyers, though. In San Jose, median home prices hover at $1.4 million, while Oakland’s median home price is $910,000.
FULL STORY: Here's Where Real Estate Prices Are Cooling the Fastest in the US
Ultra-Competitive Housing Market Shows No Signs of Slowing
Home prices in the Puget Sound region continue to skyrocket as buyers engage in intense bidding wars and demand continues to outpace supply.
Growing Real Estate 'iBuyer' Companies Raise Concerns
The troubling trend of buying and selling homes as an investment has some critics worried that it will contribute to an already overheated housing market.
White-Hot Real Estate Market Starting to Cool
The housing frenzy brought on by the pandemic is easing up, with slower growth of median home prices and fewer offers.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
Congressman Proposes Bill to Rename DC Metro “Trump Train”
The Make Autorail Great Again Act would withhold federal funding to the system until the Washington Metropolitan Area Transit Authority (WMATA), rebrands as the Washington Metropolitan Authority for Greater Access (WMAGA).
The Simple Legislative Tool Transforming Vacant Downtowns
In California, Michigan and Georgia, an easy win is bringing dollars — and delight — back to city centers.
The States Losing Rural Delivery Rooms at an Alarming Pace
In some states, as few as 9% of rural hospitals still deliver babies. As a result, rising pre-term births, no adequate pre-term care and harrowing close calls are a growing reality.
The Small South Asian Republic Going all in on EVs
Thanks to one simple policy change less than five years ago, 65% of new cars in this Himalayan country are now electric.
DC Backpedals on Bike Lane Protection, Swaps Barriers for Paint
Citing aesthetic concerns, the city is removing the concrete barriers and flexposts that once separated Arizona Avenue cyclists from motor vehicles.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Smith Gee Studio
City of Charlotte
City of Camden Redevelopment Agency
City of Astoria
Transportation Research & Education Center (TREC) at Portland State University
US High Speed Rail Association
City of Camden Redevelopment Agency
Municipality of Princeton (NJ)