Home prices are going up across the country — in aggregate. Looking at individual markets, however, some Bay Area neighborhoods are showing prices have fallen from a year ago.
SAN FRANCISCO -- Home prices are going up across the country - in aggregate. Looking at individual markets, however, some Bay Area neighborhoods are showing prices have fallen from a year ago.
"A few markets may see double-digit price drops, especially some of the more expensive parts of the country, which have also seen weaker employment and higher instances of residents moving to other areas," said Lawrence Yun, NAR's chief economist. San Francisco had the biggest price drop in the country, year over year, last quarter, with the median price of $1,230,000 — down 6.1% from a year ago. Prices for San Francisco homes are already down 21% in the fourth quarter from the peak median price of $1,550,000 in the second quarter.
The good news for buyers looking for price relief is that the 4% median price hike in the fourth quarter is less than the 8.6% increase in the third quarter. In addition, the price increases"A slowdown in home prices is underway and welcomed, particularly as the typical home price has risen 42% in the past three years," said Yun, noting these cost increases have far surpassed wage increases and consumer price inflation since 2019.
Instead, prices for single-family homes climbed in nearly 90% of metro areas tracked by NAR in the fourth quarter: 166 markets out of 186 saw prices still going up. The national median price of a single-family home increased 4% last quarter from one year ago to $378,700.
Farmington, New Mexico, saw the biggest price increase in the fourth quarter, up 20.3% from a year ago. It was followed by Sarasota, Florida, up 19.5%; Naples, Florida, up 17.2%; Greensboro, North Carolina, up 17.0%; Myrtle Beach, South Carolina, up 16.2%; Oshkosh, Wisconsin, up 16.0%; Winston-Salem, North Carolina, up 15.7%; El Paso, Texas, up 15.2%; Punta Gorda, Florida, up 15.2%; and Daytona Beach, Florida, up 14.5%.
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