Tuesday, May 30, 2023

Median Home Prices Drop $18,000 in One Year: Which Cities Have the Biggest Drops?

2022 was the year of inflation in the United States. There are documents of this house. Home prices were through the roof, over $400,000, the national average. Now buyers can take a breather, because the report indicates that costs have been reduced by $18,000 dollars in one year, and that the cities in the country have had the largest reductions.

A new report from Redfin found that the median home sale price in the United States increased by nearly $18,000 last year. It’s a drop of about 4.1% as of April 2022, from $425,634 a year ago to $408,031 now.

Prior to the pandemic, housing prices were affordable, leading to a boom in sales. From the law of supply and demand, not surprisingly, in the face of the buyer’s market, prices began to skyrocket in 2021, and especially in 2022. Some cities had a major cooling, with a very high slide, even three times more than the average. drop by drop

Markets have seen the biggest declines in the pandemic. But it is safe, many of these cities had the highest prices in the US, for example, while the national average represents a fall of 4.1%, house prices in Oakland, California, fell 16.1%, which averages about $ 174,000. within a year In Boise, Idaho, the typical home for sale is $80,000 cheaper than it was a year ago.

According to the report, the 5 states have the largest house price decline;

  • Oakland, Calif.
  • Austin, Texas (-15.3%)
  • Boise, Idaho (-15.1%)
  • San Francisco, Calif.
  • Lake City, Utah (-10.9%)
  • It’s likely due to the cooling of the market with the highest mortgage rates, which are about 7.08% for 30 years according to Bankrate. At higher rates, loans become more expensive.

    Inflated rates meant not only higher paying costs for home buyers. They thought that sellers would have even higher rates if they wanted to buy another property and needed a mortgage.

    Under these circumstances, many sellers removed their properties from their listings, which reduced the number of homes for sale. At the beginning of the year, the market seemed to be moving back towards buyers, after house prices began to fall, in the face of constant hikes. The trend continues, and experts agree that prices may fall, although mortgages are still expensive.

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    Nation World News Desk
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