Pandemic boomtowns and pricey coastal markets are seeing historic home-price declines. Nationwide, the median home sale price dropped nearly $18,000 from a year earlier in April as elevated mortgage rates dampened homebuyer demand.
The median U.S. home sale price fell 4.1% ($17,603) year over year in April to $408,031. That’s the biggest drop on record in dollar terms and the largest decline since January 2012 in percentage terms. April marked the third consecutive month of year-over-year declines following roughly a decade of increases.
Home prices fell from a year earlier because elevated mortgage rates hampered homebuyer demand, but also because prices were near their all-time high at the same time last year. The median sale price in April 2022 was $425,634—just shy of the $432,109 record set the following month.
www.redfin.com/news/housing-market-tracker-april-2023/
US cities where house values are falling – and one where prices dropped $220k in a year (trillions in fictitious Yellen Bux value is evaporating from commercial & residential real estate in Democrat-malgoverned socialist utopias)
The US housing market is currently in the midst of an unprecedented decline in home prices – with properties in some cities selling for hundreds of thousands of dollars less than they were just a year ago.
The concerning data was revealed last week by Redfin, and marks a significant shift in the American real estate landscape following a historic surge seen during the Covid-19 pandemic.
Two cities in the Bay Area – Oakland and San Francisco – are among the worst offenders when it comes to decline by dollar amount, a phenomenon researched said is fueled in part by diminishing demand and the looming possibility of a recession.
Other notable declines occurred in major metros like Austin, Boise, Salt Lake City, Seattle, and Los Angeles – all of which saw their median home price shed at least $60,000 since April of last year.
San Francisco and Oakland both saw price drops into six figures with the median value decreasing by $220,000 and $174,000 respectively.
www.dailymail.co.uk/news/article-12136167/Home-owners-losing-THOUSANDS-home-values-data-shows.html
HMM: Elon Musk warns house prices are set to plunge – and says commercial real estate is in meltdown.
Elon Musk is once again ringing the alarm on the US real estate sector.
“Commercial real estate is melting down fast. Home values next,” the Tesla and SpaceX chief tweeted on Monday.
The tech billionaire made the comment in response to a tweet by Craft Ventures founder David Sacks, who pointed out a big chunk of commercial real estate debt is due to mature soon.
Musk has previously warned that cracks could appear in property markets following turmoil in the banking sector. For example, the clean-energy pioneer said commercial real estate is “by far the most serious looming issue,” and cautioned regional banks could experience a wave of defaults due to their huge exposure to the sector.