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.
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