Home prices drop in more than half of US after pandemic peak – The Mercury News
“According to research” examines various rankings and scorecards that judge geographic location, but note that these performances are best seen as a combination of clever interpretations and data.
Buzz: Home prices have fallen from pandemic-era peaks in more than half of states and metropolitan areas, according to some new pricing data.
sauce: My trusty spreadsheet confirmed Freddie Mac’s house price indices for every US state, Washington DC, and 382 metropolitan areas. These “pair sales” benchmarks track value by comparing price changes for individual single-family homes and townhomes based on data from sales transactions and loan refinancings.
top line
First, consider the fall in home prices from the dizzying highs seen in Freddie Mac’s data.
Prices are below 2022 highs in 31 of the 50 states and Washington, D.C., and have fallen from the pandemic peak in 199 of the 382 cities tracked. And all 26 California subways surveyed had prices below all-time highs.
Yet, across all states and large cities, prices remain above February 2020, and in most cases prices are much higher than they were last month before the coronavirus disrupted property markets and economies.
max state drop
The biggest drops across the state were clearly in Western collections.
- Idaho: Down 10% from peak, up 48% during pandemic.
- Nevada: Down 8.4% from peak, up 33% during pandemic.
- Washington: Down 7.5% from peak, up 33% during pandemic.
- Arizona: Down 7.1% from peak, up 49% during pandemic.
- California: Down 6.9% from peak, up 27% during pandemic.
- Utah: Down 6.8% from peak, up 46% during pandemic.
- District of Columbia: Down 6.7% from peak, up 6% during pandemic.
- Oregon: Down 5.6% from peak, up 30% during pandemic.
- Colorado: Down 5.2% from peak, up 34% during pandemic.
- Vermont: Down 4.4% from peak, up 40% during pandemic.
Biggest metro drop
The steepest declines in metropolitan areas were primarily in California, Idaho, and Nevada markets. 10 biggest drops from 2022 highs and gains from February 2020…
- Boise: Down 13.1% from peak, up 40% during pandemic.
- Carson City: Down 12.2% from peak, up 26% during pandemic.
- Austin: Down 11.3% from peak, up 43% during pandemic.
- San Francisco: Down 10.7% from peak, up 13% during pandemic.
- Coeur d’Alene: Down 10.6% from peak, up 52% during pandemic.
- Idaho Falls: Down 10.5% from peak, up 47% during pandemic.
- Sacramento: Down 9.7% from peak, up 26% during pandemic.
- Santa Cruz: Down 9.3% from peak, up 23% during pandemic.
- Stockton: Down 9.3% from peak, up 31% during pandemic.
- Reno: Down 9.2% from peak, up 31% during pandemic.
Conclusion
Last year’s soaring mortgage rates have cooled the home frenzy. As a result, home sales stagnated and prices fell in many parts of the country.
Homebuyers can expect a more buyer-friendly market for the remainder of 2023 due to lower prices coupled with slightly lower mortgage rates.
around california
Consider the drop from peak prices in other Golden State metropolitan areas. Ranked by size of decline…
- Napa: Down 8.2% from peak, up 17% in pandemic.
- Vallejo: Down 7.8% from peak, up 24% in pandemic.
- Yuba City: Down 7.5% from peak, up 29% in pandemic.
- San Diego: Down 7.2% from peak, up 35% in pandemic.
- Modesto: Down 7% from peak, up 31% during pandemic.
- Merced: Down 6.9% from peak, up 34% in pandemic.
- San Jose: Down 6.5% from peak, up 17% in pandemic.
- Chico: Down 6.4% from peak, up 19% in pandemic.
- Los Angeles – Orange County: Down 6.3% from peak, up 27% in pandemic.
- Salinas: Down 6.1% from peak, up 30% in pandemic.
- Santa Rosa: Down 6.1% from peak, up 17% in pandemic.
- Ventura County: Down 5.8% from peak, up 28% in pandemic.
- Madera: down 5.3% from peak, up 37% in pandemic.
- San Luis Obispo: Down 4.5% from peak, up 32% in pandemic.
- Santa Barbara: Down 4.4% from peak, up 34% in pandemic.
- Inland Empire: Down 4.3% from peak, up 44% in pandemic.
- Reading: Down 4.2% from peak, up 28% in pandemic.
- El Centro: Down 3.6% from peak, up 36% in pandemic.
- Bakersfield: Down 2.7% from peak, up 39% in pandemic.
- Fresno: Down 2.7% from peak, up 37% in pandemic.
- Visalia: Down 1.5% from peak, up 41% in pandemic.
- Hanford: 1% off peak, up 38% during pandemic.
Jonathan Lansner is a business columnist for the Southern California News Group. His contact is jlansner@scng.com.
https://www.mercurynews.com/2023/04/08/home-values-drop-in-more-than-half-of-us-off-pandemic-peaks/ Home prices drop in more than half of US after pandemic peak – The Mercury News